Start your week right by taking a look at these long-term support and resistance levels!
Are we about to see a bounce or a break off these inflection points on EUR/JPY, WTI crude oil and Apple Inc shares?
Better keep these setups on your radar:
Apple Inc. (AAPL): Daily
Apple Inc (AAPL) Daily Chart
Got your hands on the iPhone 14 yet?
Me neither!You might be better off putting that moolah in the company’s shares, as AAPL is testing a long-term area of interest seen on its daily time frame.
The stock price is hanging out at the resistance-turned-support zone around $140, still deciding whether to make a bounce or a break.
Stochastic is hinting that the floor might still hold, as the oscillator has been hovering around the oversold region for a while. Bullish pressure could pick up as soon as it pulls higher, possibly taking AAPL back to nearby upside targets.
On the other hand, the 100 SMA is below the 200 SMA to signal that support is more likely to break than to hold. In that case, Apple share prices could tumble down to the next support zone around $120 or lower.
EUR/JPY: Daily
EUR/JPY Daily Forex Chart
Check out this ascending triangle pattern on the daily time frame of EUR/JPY!
The pair is testing the resistance once more, possibly attempting a bullish breakout this time. Moving averages are pointing to a likely rally since the 100 SMA is above the 200 SMA.
If you’re hoping to catch a bullish ride, better wait for a long green candle to close above the triangle top around the 144.50 minor psychological mark.
Just be careful since Stochastic is closing in on the overbought region to reflect exhaustion among buyers.
Heading back down might mean that sellers are taking over and might drag EUR/JPY back down to the triangle bottom near 141.00.
WTI Crude Oil (USOIL): Daily
WTI Crude Oil (USOIL) Daily
Is crude oil ready to resume its slide?
And more importantly, are gas prices about to ease up again?It looks like WTI crude oil found a roadblock near the 38.2% Fib on the daily chart, which might send it back down to the swing low at $76.60 per barrel.
A higher pullback could still reach the 50% Fib near the major psychological mark at $100 per barrel. This is also in line with the dynamic resistance at the moving averages and a former support zone.
Stochastic is in favor of a bearish move, as the oscillator is already making its way south from the overbought region and has plenty of room to head lower.
Plus I’m seeing a bearish divergence, as the oscillator made higher highs while price had lower highs since late August.
The moving averages also made a downward crossover to confirm that the path of least resistance is to the downside.
Do you think we’ll see lower oil prices soon?
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