Let’s start the brand new trading week by scanning the long-term charts for swing setups!
Here’s what I’m seeing on Apple, USD/CAD, and crude oil.
Apple, Inc .: Daily
Apple, Inc. (AAPL) shares are staying afloat after bouncing off a long-term ascending trend line visible on the daily time frame. Technical indicators are hinting a continuation of the uptrend, too!
The 100 SMA is above the 200 SMA to confirm that the climb is more likely to resume than to reverse, possibly taking share prices back up to the highs near $ 180.
At the same time, Stochastic is heading north, so Apple shares could follow suit while bullish pressure is in play. The oscillator has room to climb before reflecting overbought conditions or exhaustion among buyers.
Just make sure the share price climbs back above the 100 SMA dynamic support if you’re planning on going long soon!
USD/CAD: Daily
Where are my breakout buddies at?
USD/CAD has been consolidating inside an ascending triangle on its long-term chart, and the pair looks ready to bust out. But which way will it go?
Moving averages seem to be hinting at an upside move, as the 100 SMA is above the 200 SMA and is adding support around the triangle bottom.
To top it off, Stochastic is pulling higher without reaching the oversold area, suggesting that bulls are eager to return.
Another test of the triangle top around the 1.2865 area could be in the cards, and sustained bullish momentum might even spur a bullish break. If that happens, brace yourselves for a rally that’s the same height as the chart pattern or around 850 pips!
WTI Crude Oil: Monthly
Just how high can crude oil go?
The commodity price already busted through the long-term area of interest around $ 100-120 per barrel, clearing the path for a move up to highs not seen since the financial crisis.
That long green candle seems to be making a beeline for the $ 147 per barrel levels!
However, technical indicators are showing that the rally is already overdone. Stochastic has been hanging out at the overbought region for quite some time, and turning lower might spur profit-taking activity.
Also, the 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside. Then again, crude oil is trading above both indicators, so a bullish moving average crossover might happen soon.
