November 22, 2021

Weekly Technical Outlook: Trend and Reversal Trades on Dell, Brent Crude Oil, and USD/CHF

 Yo! It’s the last full trading week of November so y’all better get your swing and long-term trades in order.

Looking to add more trades to your portfolio?

I’m checkin’ out Dell, Brent crude oil, and USD/CHF this week! Any of these setups catch your attention?

Dell: Daily

Dell Technologies Inc (Dell) saw a bullish run after breaking above a key resistance zone back in October.

Can the bulls maintain their momentum? The Head and Shoulders pattern on the daily chart tells me that they may have trouble inviting more friends.

A break below the trend line support on the chart could lead to the $52 – $53 levels near the 50% Fib, daily chart’s 100 SMA, and the resistance zone that the stock had broken back in October.

A trend line bounce, on the other hand, opens the stock to a move back to its highs near $58.

USD/CHF: Daily

I know that at least some of y’all are watching USD/CHF trade inside a symmetrical triangle after being on a downtrend for most of 2020.

Thing is, the pair is now trading at the top of what looks like a symmetrical triangle. Not only that, but we may also be looking at a bearish divergence situation!

Dollar bears can start loading up on shorts when you see some sustained selling while the bulls can wait for a clear break above the triangle before aiming for areas of interest above the pattern.

Hey, triangles are indecision patterns after all! Gotta be prepared for either scenario, ‘namsayin?

Brent Crude Oil: Weekly

Brent crude oil ended its months-long rally after hitting 2018’s highs so now the Black Crack is trading around the $78 zone.

Bears have more room to play as the commodity still hangs above a trend line support that’s been solid since May 2020.

Will the bulls step in this week? Or are they waiting for the asset to hit the $76 mark near the 50% Fibonacci retracement of August to October’s upswing?

Last week’s candlestick pattern tells me that the bears can have momentum on their side yet but keep your eyes peeled in case Brent crude starts throwing out hesitation candlesticks!