Looking for swing and long-term setups to trade?
Goldman Sachs looks set to extend an uptrend while Ether (ETH/USD) and USD/CAD are trading triangle patterns.
Don’t even think of missing these opportunities!
Goldman Sachs Group, Inc. (GS): Daily
January has been a good month for Goldman Sachs (GS), which started the year near $340 before rising to its current $374 levels.
The odds currently favor more buying as the stock looks to extend an uptrend that started in mid-2022.
GS bulls who are eyeing Stochastic‘s overbought signal can at least look at the $390 previous highs as a target.
If you believe that the current bullish momentum would break December’s highs, though, then you can also look at the 50%, 61.8%, and 78.6% Fibonacci extension levels.
Not only do they line up with a range from late 2021, but they also mark the stock’s all-time highs!
Ether (ETH/USD): Daily
Ether (ETH/USD) just broke above a descending triangle pattern on the daily!
And if that’s not bullish enough for ya, you should also note that price is trading above the 100 and 200 SMAs, something that hasn’t happened since late 2021.
Breakout traders can take advantage of the current momentum and eye previous inflection points like $1,750 or $2,000.
If you’d rather be sure about an upside breakout, though, then you can also wait for a retest of the broken resistance trend line or a bullish SMA crossover on the daily.
Remember that triangle breakouts can be as strong as the height of the base of the triangle. That means a potential move to $2,700 if there’s enough momentum!
USD/CAD: Daily
If dollar trading is more your thing, then you’ll want to know that USD/CAD is approaching a key inflection point on the daily time frame.
Specifically, it’s about to hit the 1.3230 zone that had served as resistance in July and September and then turned into a support zone in November.
This time around, a retest of 1.3230 would take USD/CAD closer to the 200 SMA.
If the support holds, USD/CAD could stay inside its triangle consolidation and revisit its trend line resistance near 1.3550.
If USD/CAD dips below the inflection point AND the 200 SMA, then we can start making trading plans for trips to the 1.3050 or 1.2900 previous areas of interest.
