Ready for another week of long-term chart setups?
I hope you are because Marriott International (MAR), Cardano (ADA/USDT), and AUD/JPY are consolidating at interesting inflection points!
Check these charts out:
Marriott International (MAR): Daily
It’s make or break time for Marriott International (MAR) traders!
The stock is consolidating at 170.50, which is juuust above an ascending triangle resistance on the daily time frame.
Stochastic is on the bears’ side, poppin’ up an overbought signal just as price showed a bearish engulfing candlestick on the daily.
If this week’s earnings reports inspire a bullish momentum, however, then you gotta look at the 170.50 inflection point as a potential support in the next few days.
ADA/USDT: Daily
Cardano (ADA/USDT) is hanging out at the 1.0000 psychological handle that’s been supporting the crypto since March 2021.
Can the bulls defend the level for another day?
Before you take your cues from Stochastic‘s almost oversold signal, you gotta pay attention to the 100 SMA still trading below (and diverging) from the 200 SMA on the daily. Not only that, but the candlesticks themselves aren’t showing bullish demand for ADA just yet.
Bulls can buy as soon as there’s momentum above the 1.0000. Otherwise, you might benefit from waiting a bit more to see how ADA/USDT traders react to the 1.0000 retest.
AUD/JPY: Weekly
AUD/JPY is chillin’ like ice cream fillin’ just above an ascending triangle support on the weekly time frame.
If that’s not interesting enough for ya, then you should note that the 100 SMA has also just crossed above the 200 SMA on the chart.
Buying at current levels is a good idea if you’re betting on AUD/JPY heading for the 90.00 psychological level or at least retesting the 86.00 triangle resistance.
Not convinced that the Aussie can gain more pips against the yen? Keep an eye out for a clear break below the triangle, which could lead to AUD/JPY revisiting the 76.50 or 73.75 previous areas of interest.
