Welcome to the first full trading week of June!
Whether you’re into stocks, crypto, or fiat, I got you covered with this week’s set of range, reversal, and breakout opportunities.
Check out what’s up on EUR/USD, ATOM/USD, and TSLA’s charts!
Somebody convince Elon to tweet about TSLA because the bears are gaining traction!Aside from forcing a retest of the 555.50 triangle support, TSLA is also having trouble keeping the 200 SMA as a support. What’s more, the 100 SMA has turned lower and is closing the gap with the 200 SMA!
Look out for a retest of the 555.50 support, which would mean that the stock has failed to remain above the 200 SMA and which opens the asset to a downside breakout of the descending triangle on the daily time frame.
A bounce from its current levels or the triangle support, on the other hand, could boost TSLA all the way to the trend line resistance closer to the 100 SMA.
“Internet of blockchains” Cosmos (ATOM) is consolidating inside a triangle after breaking below its key 17.00 support.
Is this a pennant breakout in the making? Recall that pennants are consolidations after a strong move and usually hint at trend continuation.
If ATOM/USD busts above the 17.00 resistance, then we can start looking at previous areas of interest like 22.00 or 26.00 for profit opportunities.
However, a break below the trend line support could lead to ATOM/USD extending its downswing and maybe revisiting its lows near 10.00.
Is it me, or are EUR/USD buyers running out of steam?EUR/USD is sporting VERY interesting wicks near the 1.2250 zone that had served as resistance in the last months of 2020.
And look, Stochastic is flashing “overbought” signals right now!
Shorting at current levels would make for a good trade if the range resistance holds in the next couple of weeks. Just make sure that you’re also prepared if the bulls charge and we end up with an upside breakout!