Welcome to a brand spankin’ new trading month!
Ready to hit the ground running with solid trade opportunities?
Check out the support and resistance levels on XTZ/USD and EUR/CAD and a breakout target on Marriott International!resistance that had held through July and was a key support level back in June.
With Stochastic flashing an overbought signal, you can bet that at least some XTZ bears are already sniffing for opportunity.
July’s lows would make for a good profit target but you gotta watch the momentum in case we see limited downside moves before the bulls extend July’s bullish run and force an upside breakout.
Why book hotels when you can trade hotel stocks instead?
I heard from the hood that Marriott International is printing its quarterly earnings this week, so I figured you gotta know that the stock just broke a descending channel resistance on the daily.
Before you bet the farm on the breakout trade, though, you should know that the bulls may have trouble buying above the $153.00 mark that lines up with Dec 2019- Jan 2020 highs AND a 38.2% Fib extension level on the chart.
If you’re not sure about MAR’s current breakout, then you can also wait for a retest of the broken channel resistance for a better entry. Of course, you can also stay in the sidelines if you don’t think that the hotel would hit its pre-pandemic levels any time soon.
EUR/CAD is chillin’ like a villain just above 2020’s lows and near a trend line support that hasn’t been broken since 2013. Talk about commitment!
Here’s one for the trend playas around!
Bulls who believe that the euro would eventually hit its 1.6000 key resistance against the Loonie can gain good risk ratios by buying around the current levels and placing stops just below the trend line.
Meanwhile, bears who think that EUR/CAD will break a long-term flat-ish uptrend can place short orders just below the key trend line support.
Watch this one closely, yo!