Who’s ready to trade the first full week of December?
Let’s check out their daily charts!
Costco Wholesale Corporation (COST): Daily
Costco (COST) has been making higher highs and higher lows since mid-October after hitting a bottom at the $450 area.Can COST maintain its uptrend?
The stock is finding some support at the bottom of an ascending channel but Stochastic is signaling COST’s “overbought” conditions on the daily time frame.
A few more red candlesticks below the $500 mark would break COST’s uptrend and drag the stock to the $475 or $450 support zones.
Bullish daily candlesticks, on the other hand, could extend COST’s upswing and take it back up to its $540 previous highs.
Bitcoin (BTC/USD): Daily
Where my Bitcoin (BTC/USD) hodl-ing friends at?
BTC/USD managed to crawl from its 15,500 lows and now the crypto is trading closer to 17,400 against the dollar.
Look out for the 18,400 zone that may serve as resistance for the bulls! As you can see, the level was a pretty big support from July through November.
It also doesn’t help what Stochastic is already signaling BTC’s “overbought” status and that the 100 SMA is not far from the potential resistance level.
BTC/USD bulls can take advantage of the lack of major resistance before 18,400 and buy until there’s bearish pressure.
Meanwhile, BTC/USD bears can wait for a rejection and then bearish momentum below the level before targeting previous lows.
USD/JPY is testing the 200 SMA support on the daily time frame!If USD/JPY breaks below the dynamic support zone, then y’all gotta watch the 131.50 area for a potential bounce.
Not only is it an area of interest, but it also lines up with a Head and Shoulders “neckline” on the daily chart.
A bounce from 131.50 could inspire USD bulls to target the 140.00 previous resistance zone.
But if USD/JPY extends its downswing below 131.50, then you should also be ready for moves all the way to 129.00 or 127.00!