Ready for some long-term setups?
Let’s set you up with potential reversals for WTI and GBP/CAD as well as a mid-range support on UNI/USD.
Get ’em while they’re hot!
UNI/USD: Daily
Where my DeFi fam at? Uniswap (UNI) has been trading between $22 and $24 for the past week.
As you can see, the area lines up with a mid-range support on the daily time frame and an area of interest for the pair this year. Oh, and check out Stochastic chillin’ in the oversold area!
Bulls who are confident that UNI/USD will go back to its $30 range resistance can start buying at current levels or at the first signs of bullish pressure.
However, if you believe that UNI/USD is heading for the $16 range support before attracting buyers, then you’ll want to start selling as soon as you see a legit break below the current consolidation.
GBP/CAD: Daily
No, you’re not looking at the School of Pipsology’s range lesson. GBP/CAD is really just giving us a textbook setup!
The pound looks like it’s heading for the 1.7600 psychological handle that’s been serving as GBP/CAD’s resistance since late 2020.
Now that Stochastic is about to hit overbought status, you can bet pips (but not the farm!) that at least some pound bears are already making trading plans.
Watch out for momentum at or just under 1.7600, which could drag the pair to areas of interest near 1.7300 or the 1.7200 mid-range levels.
WTI: Weekly
I’m seeing some head and shoulders action and, no, it had nothing to do with Conor McGregor and MGK’s stunt on the VMA red carpet.
I’m talking about U.S. crude oil, yo! WTI is consolidating in what looks like a Head and Shoulders pattern after hitting resistance at the $77.00 handle that also gave the bulls grief back in 2018.
Are we looking at a reversal in the making? WTI is currently hanging around the big $70.00 mark. If the level holds as resistance and WTI ends up trading below the “neckline” that we’ve marked, then we could see crude oil hit the $51 – $54 range.
But if the recent upswing pushes WTI above its 2021 highs, then the Black Crack could jump and stay above the $80.00 mark in the next coupla weeks.
