Daily GJ Technical Analysis

daily chart at market closing

A long legged doji has formed on the daily chart - an indication that the bulls might need to take some rest.

As long as the price do not breach Friday's high (155.73), this candlestick might signals a downward move to test the lower trendline (approximately at 148.xx).

Good luck and have a happy weekend.

h1 chart as of 9 am Malaysia

Stayed out the whole day yesterday due to the Memorial Day. Price closed slightly below the confluence of the lower trendline and the 50% fib retracement level of yesterday hi lo.

Went short at 150.55 with 1st TP at yesterday low (149.80).

Hopefully, North Korea would not launch any missile today. Otherwise, the bears will be in trouble again....

UPDATE:
 10.30 am - price went down to 150.14, then went up
            managed to close with a small profit
            will look for another sell position
  6.00 pm - was away from chart
            crazy price action, really a roller coaster ride
            at least, TP (yesterday low) was hit 

daily chart as of 5 am Malaysia

A variation of a dragonfly doji has formed on the daily chart. Let's see how the market play it out.

Please use a small sized position and do not risk more than 2% of your equity.

chart h4 as of 10 am Malaysia

The price has already breached last week's low. Should the bears keep persisting, my target projection will be 141.80 (161.8% fib retracement level of Friday hi-lo).

weekly and daily at market closing

A bearish candle on the weekly chart indicates that the bears might return next week. A penetration of the daily lower trendline at the proximity of 143.00 should bring the price down to test the neckline of the possible double top pattern.

Should the price breaks the double top neckline at 139.00, the beast could dive 1,180 pips and hit 127.xx by the end of May.....

Good luck and happy trading...

chart h4 at 5.30 pm Malaysia

A bearish flag is in progress on the H4 chart. Should the price breaks downwards from 144.00, my target projection will be at 141.80 (161.8% of yesterday hi-lo).

Happy trading....

Tests Said to Show Bank of America Has Biggest Capital Need

May 5 (Bloomberg) -- Regulators have determined that Bank of America Corp. has the largest need for new capital among the 19 biggest U.S. banks subjected to stress tests, according to people familiar with the matter.

Citigroup Inc.’s shortfall is more limited because the company already plans to convert government preferred shares to common stock, the people said. JPMorgan Chase & Co. doesn’t need a deeper reserve against potential losses over the coming two years, according to people familiar with that company’s result.

The banks may outline their strategies to add capital, or in other cases buy out government stakes, after the Federal Reserve publishes the stress tests results May 7. Firms requiring more capital could raise all the funds through conversions of preferred shares if they choose, according to people familiar with the matter.

read more at Bloomberg

chart h1 at 4.15 pm Malaysia

I went short at 148.38; SL placed at 149.30 (92 pip risk)
TP: undecided yet

Reasons for going short:

• price fails to penetrate 149.00 round number resistance level
• lower trendline is broken......
  

UPDATE:
  7.00 pm - already in green
            147.45 now; SL moved to positive....
            free trade now