Looking for breakout setups to explore this week?
Intel is about to test a range resistance, GALA is in a tight triangle pattern, and EUR/AUD looks ready for a reversal.
Check them out!
Last week’s events took EUR/AUD to the 1.6200 – 1.6250 area, which lines up with a high from earlier this month.What makes the pair interesting today is that it’s forming a possible Head and Shoulders pattern near the previous resistance area.
Are we looking at a reversal in the making?
Consistent trading below 1.6200 opens EUR/AUD up to a trip back to the 1.6000 area of interest.
But if the Head and Shoulders “neckline” ends up serving as support, then EUR/AUD could make new monthly highs before the end of the week.
Holla if you’ve been looking at GALA!
GALA/USDT has been trading inside a descending triangle pattern after a strong bullish swing at the start of the year.
This week, the pair is also trading above the 100 SMA just made a bullish crossover against the 200 SMA. Coincidence? I think not!
Look out for a break above the triangle resistance, which could push GALA/USDT to the triangle highs near .5900 or the .7200 previous resistance.
Not convinced that GALA/USDT will see a bullish breakout?
You can also take advantage of the trend line holding as resistance and target the .2900 support every time the token gets rejected from its resistance zones.
Intel Corporation (INTC): Daily
Intel has been trading inside an identifiable range since October last year!In fact, the stock just turned higher after finding support from the $28.00 levels where the mid-range and 100 SMA support levels are.
Bulls can get a few points in targeting the $30.50 area near the range resistance and daily chart’s 200 SMA.
But if you’d rather take advantage of the unbroken range pattern, then you can also set up short orders around the potential resistance and aim for the $25.50 range support zone.