The U.S. earnings season is kicking off this week, and we’re about to see quarterly numbers from big names in banking.
Here’s the long and short of it!
Citigroup (C): Daily
Check out Citigroup (C) shares testing a long-term area of interest ahead of its earnings release!The bank will be printing its quarterly numbers on Wednesday (July 14), and it seems that market watchers are bracing for upside surprises from the financial sector.
Its share price already gapped higher upon bouncing off the resistance-turned-support zone, which suggests that buyers are eager to jump in.
Technical indicators are also hinting at a continuation of the climb, with the 100 SMA increasing its lead over the 200 SMA and Stochastic showing a slight bullish divergence.
Delta Air (DAL): Daily
It’s no surprise that airline stocks have had trouble taking flight throughout the pandemic, and the latest quarterly earnings from Delta Air (DAL) due on Wed (July 14) could print grim results.
If you’re looking to short this stock, the 4-hour time frame presents potential entry points around the descending trend channel and Fibonacci retracement levels.Price is hovering around the 50% Fib that’s near the mid-channel area of interest, but a higher pullback to the channel top might still offer a better entry point.
Stochastic is still heading up after all, so the correction could keep going until overbought conditions are met. The 100 SMA is below the 200 SMA to confirm that the selloff is likely to resume.
Gold (XAU/USD): Daily
Not sure which stock to trade? Or staying out of equities completely?
Here’s a simple break-and-retest market sentiment play that you might wanna keep tabs on!Gold just broke above a descending trend line that had been holding since September last year, hinting that a reversal is in order.
The commodity is now retesting this broken resistance, which could hold as a floor and send prices up to the bullish targets marked by the Fibonacci extension tool.
The 61.8% level that’s around the swing high of $1,900 could be a prime take-profit point for buyers. Stronger bullish momentum might even take gold all the way up to the full extension near the $2,000 handle!
Technical indicators are giving mixed signals, though, as the moving averages have bearish vibes while Stochastic is heading north.