Ready for another round of long-term trading setups?
This week, we’re looking at Costco’s Double Bottom pattern, CRO/USD’s trend line support, and EUR/AUD’s range bottom.
Get ’em while they’re hot!
Costco Wholesale Corporation: Daily
Costco Wholesale Corporation (COST) Daily ChartCostco Wholesale Corporation (COST) Daily Chart
Costco Wholesale Corporation (COST) had a good Thursday and Friday trading after bouncing from January’s lows.
What makes the setup interesting today is that price is knocking on an inflection point that lines up with a Double Bottom “neckline” on the daily chart. The bullish divergence doesn’t hurt either.
A clear break above the $520 neckline could lead to the $550 area or even the previous highs closer to $570.
A rejection at the inflection point, on the other hand, opens $COST to a trip back down to last week’s lows.
CRO/USD: Daily
Trend playas gather ’round! Crypto.com’s native currency Cronos (CRO) has been trading in an uptrend since mid-2021 and it looks like bulls have an opportunity to enter.
See, CRO/USD is trading near a trend line support that’s right around the 200 SMA. What’s more, a bullish divergence has formed on the daily time frame!
Long trades at the first signs of bullish momentum would make for a solid trade especially if CRO/USD finds support at the .3800 – .3850 area.
EUR/AUD: Daily
Feel like trading established ranges instead?
EUR/AUD looks ready to retest the 1.5400 psychological area that had supported the pair at least twice in 2021.
This time around, an oversold Stochastic signal is there to support the bulls.
What do you think? Will 1.5400 hold as support for another day? Or will there be enough bears to drag EUR/AUD below 2021’s lows?
