Another week, another chance to make profits from different assets!
Today we’re looking at Meta, Solana, and USD/CAD’s daily charts.
What do you think of these setups?
Meta Platforms, Inc (FB): Daily
Meta Platforms, Inc (FB) Daily Chart
Hollah if you’re trading Meta! FB started the year getting rejected from its 350.00 highs and now it’s closer to the 290.00 levels.
Countertrend traders can take cues from the descending channel support and the bullish divergence-like pattern on the daily chart.On the other hand, the 100 SMA has also just crossed below the 200 SMA. That means a longer-term reversal is on the table!
What do you think? Which way will FB go?
SOL/USD: Daily
SOL/USD Daily Chart
Solana can’t seem to catch a break after dropping from its 240.00 highs in November!
SOL/USD is now consolidating in a possible bearish pennant after seeing bearish candlesticks last week.
The 80.00 – 85.00 area is one to watch for SOL hodlers as it’s near an area of interest from August 2020. With SOL/USD poppin’ up a divergence on the daily, you can bet that at least some bulls are checking it out.
If SOL/USD breaks above its current consolidation, however, then you best be watching the 150.00 levels close to the 200 SMA on the chart for profit targets.
USD/CAD: Daily
USD/CAD Daily Forex Chart
A trend line support and the 200 SMA did a great job of keeping USD/CAD bears at bay earlier this year.
But can the bulls maintain their momentum? USD/CAD is thiiiis close to hitting the 1.2900 levels that had held as resistance at least FIVE times since late 2020.Dollar bulls can take advantage of USD/CAD’s strong bullish candlesticks and aim for an actual test of the 1.2900 resistance.
Meanwhile, USD/CAD bears can watch for the first signs of sustained selling before betting on another trip down to the trend line support.