A brand new week means another chance to play longer-term setups!
Today we’re checking out AAPL, Gold, and EUR/CAD for potential gains.
What do you think of their charts?
AAPL: DailyApple Inc has been finding support from a trend line since August 2020 but the bulls recently got excited and extended AAPL’s uptrend at a 100 SMA retest.
Will this week’s earnings report boost the stock to its September highs?
Bulls still have room to run if AAPL heads to September’s highs near the 50% Fibonacci extension level. Oh, and keep close tabs on a possible bump to the $160 level that’s closer to the 61.8% Fib extension zone!
If AAPL’s $150 resistance holds and you see the stock dipping, then you can find potential uptrend entries near the 100 SMA or the 200 SMA near the daily trend line support.
Gold looks ready to bounce from the weekly chart’s 100 SMA, yo!
Before you buy the commodity like there’s no tomorrow, take note that it’s also making higher lows and forming a possible symmetrical triangle on the weekly time frame. That means consolidation that can break in either direction!
A break above the trend line resistance could lead to gold hitting April’s highs near $1900 or a retest of 2020’s highs around the big $2000 level.
If gold breaks below the triangle and 100 SMA support levels, however, then the asset could dip to $1600 levels or the $1500 zone near the 200 SMA.
Trend setups not your thing? Take a look at this textbook range play!EUR/CAD is taking a breather from its downswing at 1.4350, which is right smack at early 2020’s support and an area of interest from at least 2015.
Now that Stochastic is chillin’ in the oversold region, you can bet that at least some euro bulls are watching.
Keep an eye out for a bounce that could take EUR/CAD to the 1.4600 previous area of interest or even the 1.5000 mid-range levels near the SMAs.
Don’t discount a downside breakout just yet! If you see EUR/CAD trading firmly below the range support, then you can start planning for a retest of the 1.3800 lows in 2017.