Looking to trade breakouts or hoping to ride ongoing trends?
Either way, I’ve got you covered on today’s set!
I’m looking at this neat triangle on Twitter Inc (TWTR) shares, plus a correction on EUR/CAD.
Twitter Inc (TWTR): 4-hour
Twitter Inc (TWTR) 4-hour Chart
Share prices of Twitter Inc. have formed lower highs and higher lows since March, creating a symmetrical triangle visible on its 4-hour chart.
The consolidation is getting tighter, so the stock might be prime for a breakout soon!
TWTR is currently hanging out at the top of the triangle, which might still hold as a ceiling. After all, Stochastic is on its way down to reflect the presence of bearish vibes.Sustained selling pressure might even lead to a break below the triangle support around $40, spurring a selloff that’s the same height as the chart pattern.
However, the 100 SMA just crossed above the 200 SMA to hint at the possibility of a bullish breakout. Price is also trading above both indicators, so these could hold as near-term dynamic support levels.
EUR/CAD: 4-hour
EUR/CAD 4-hour Forex Chart
Missed that upside breakout on EUR/CAD? Don’t fret!
The pair is in the middle of a pullback to the former resistance around the 1.3200 major psychological mark, and this might be a good opportunity to hop in the climb.
Support seems to be holding at the area of interest, which happens to be right in line with the 38.2% Fibonacci retracement level and a short-term rising trend line. I’m seeing a bullish candlestick right there, too!
Stochastic has a bit more room to head south before reflecting exhaustion among sellers, so the correction might keep going until oversold conditions are met.If you’re hoping to catch a larger dip, watch out for a test of the 50% Fib near the 1.3150 minor psychological mark and 100 SMA or the 61.8% level just above 1.3100.
Moving averages suggest that these levels are likely to keep losses in check, as a bullish crossover just recently took place.
Just don’t forget to practice proper risk management when trading these setups!
