Welcome to a brand spankin’ new trading week!
Whether you like trend trades or if reversal setups are more your thing, I got you covered with daily chart setups on EUR/USD, WTI crude, and FedEx Corporation.
Check them out to see if one or two (or ALL) of these charts can get you your first profits this week!
FedEx Corporation: Daily
FedEx Corporation (FDX) has been enjoying a nice upswing since the start of May when it found support from the $197.50 levels.The bullish run found resistance at the $239.00 zone, however.
And why not? As you can see, $239 is right around the 200 SMA and the top of a descending channel on the daily time frame.
The cherry on the bears’ sweet setup is a Shooting Star-like candlestick at the 200 SMA and the price’s bearish divergence with Stochastic.
Watch how FDX reacts to the 200 SMA to see if we’re in for a downswing or just a pause before an upside breakout!
WTI Crude Oil: Daily
U.S. WTI crude oil has had a slippery week last week when it got rejected at the $123.00 mark!
The commodity is now trading closer to $109.00, which is not far from a trend line support on the daily.
But wait, there’s more! Notice how price is trading juuust above the 100 SMA.
If the uptrend that started in late 2020 is any clue, WTI might react to the 100 SMA. Traders can also take cues from the 100 SMA widening its gap against the 200 SMA and jump on a likely uptrend continuation.
Commodity bears and short-term traders can take advantage of WTI’s strong downswing by aiming for the areas of interest that we’ve marked.
If you’d rather buy WTI, then you might want to wait for a couple of bullish candlesticks or a retest of the trend line and 100 SMA support levels.
Hollah to da forex tradahs!EUR/USD is sporting a possible Double Bottom situation as the pair finds support from the 1.0400 major psychological handle.
Stochastic is also on the bulls’ side after just leaving the oversold region.
EUR bulls can buy at current levels and take profits at a potential test of the 1.0775 Double Bottom “neckline” near 1.0775. More conservative traders can also wait to buy after a Double Bottom breakout above the 100 and 200 SMAs on the daily.
Not a fan of the euro? Look out for momentum after a rejection of the “neckline” and 100 SMA levels that we’re eyeing to see if EUR/USD’s downtrend still has legs!