It’s a brand new trading week, fellas!
Who’s ready to catch these market moves based on upcoming earnings reports and the ongoing energy crunch?
NFLX: Daily
Netflix (NFLX) is scheduled to print its earnings report on Tuesday!
Did Squid Game boost the streaming platform’s revenues to record highs in Q3?
Netflix fans are already pricing in upbeat forecasts, as the share price busted through the top of its ascending channel to signal a much steeper climb.
To top it off, price is forming a bullish flag pattern, so a break above the $640 mark might be enough to a rally of the same height as the mast.
I’m seeing an upward moving average crossover suggests more gains, but Stochastic turning lower from the overbought area could mean that a pullback is underway.
In that case, watch out for a dip back to the broken channel resistance around $600 since this might hold as support.
GBP/CAD: Daily
GBP/CAD is already testing them major support zone around the bottom of its ascending channel on the daily time frame.
This happens to be right smack in line with the 1.7000 major psychological mark, so the selloff might pause right here.
Stochastic is indicating oversold conditions or exhaustion among sellers, so buyers might take over soon.
However, the 100 SMA remains below the 200 SMA to suggest that the path of least resistance is to the downside. This means that there’s a chance the channel support might break and spur another wave lower for the pair.
Natural Gas: Monthly
Finally some signs of a pullback on this one!
Natural gas (NATGAS) has been on a tear these days as the global energy crunch drags on, but it looks like cooling temperatures in the U.S. might weigh on demand and prices in the near-term.
On its monthly chart, you can see that the commodity price busted through a long-term falling trend line and might be ready to retest this area next.
Stochastic is heading south from the overbought region after all, so bulls might be booking profits for now.
The Fibonacci retracement tool shows that the 38.2% level lines up with the broken trend line resistance, which might hold as support around the $4.480 level.
A larger pullback could reach the 50% Fib near the $4.000 major psychological mark, which has also served as an area of interest.
Better keep your eyes peeled for any reversal candlesticks that could hint that bulls are ready to charge again!
