If you’re waiting to hop in long-term rallies, I’ve got a couple of bullish opportunities on the charts of WTI crude oil and Pfizer.
Do you think these major support zones are likely to attract more buyers?
WTI Crude Oil: Daily
Crude oil bulls seem to be flexing their muscles once more, as the commodity is gaining traction on its long-term climb.
As you can see from the daily channel above, price is making its way past the mid-channel area of interest and might be setting its sights on the very top.
Now that $90 per barrel mark is looking like a prime bullish target!
Technical indicators are giving mixed signals, though, as Stochastic is already reflecting exhaustion among buyers. Turning lower might mean that sellers could return and spur another dip in crude oil prices.
Then again, the 100 SMA is safely above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse. Heck, the commodity is cruising above both moving averages, so these are probably gonna hold as dynamic support levels around $75-80 per barrel.
Pfizer Inc. (PFE): Daily
Pfizer Inc. (PFE) appears to be in correction mode, as price is dipping to the rising trend line that’s been holding since October last year.
If this is enough to keep losses in check, the stock price could soar back up to the highs at $61.71 and beyond!
I’m even seeing a bit of bullish divergence since Stochastic made lower lows while price drew higher lows. Better wait for the oscillator to climb out of the oversold region if you’re planning to go long.
If you’re hoping for a more conservative entry, the resistance-turned-support zone around $50 might be a more solid floor since it’s also right smack in line with the 100 SMA dynamic support.
CAD/JPY: Weekly
Bounce or break?
CAD/JPY is hanging out at the very top of its range visible on the weekly time frame, and it looks like it could bust higher.
For one, the pair has formed higher lows recently, hinting that buyers are getting more persistent. To top it off, a bullish moving average crossover appears to be materializing also.
Stochastic isn’t giving very reliable clues at the moment, but it’s worth noting that the oscillator is pointing up as well.
You might not wanna miss any upside moves since this could be followed by a rally that’s at least the same height as the rectangle pattern. That’s roughly 1,350 pips y’all!
