A brand new trading week gives us fresh opportunities to get them profits!
If you’re looking for swing to long-term(ish) trades, then you gotta check out ETH/USD, NZD/USD, and SJM’s setups.
Take a look!
Ethereum (ETH/USD): 4-hour
Ethereum bulls have done a great job of pushing ETH/USD above $1,800 earlier today!
The battle is on for the $1,900 and $2,000 levels as ETH/USD approaches the key areas of interest.
As you can see, ETH is not only testing the 100 SMA on the 4-hour time frame but is also close to hitting the top of a descending channel on the chart.
A rejection from the top of the channel could mean a continuation of ETH/USD’s downtrend. A clear upside breakout, on the other hand, could mean ETH/USD retesting the 200 SMA on the chart.
NZD/USD: Daily
NZD/USD is having trouble making highs above .6550, which isn’t surprising since the level lines up with the 38.2% Fibonacci retracement of the last downswing.
With Stochastic sharing overbought signals, you can bet that at least some bears are looking to sell.
Downside momentum below .6500 could drag NZD/USD to its May lows below .6300.
Don’t discount an upside action though! NZD/USD could still slide up to the .6700 – .6800 zone that’s closer to the SMAs before extending its bearish trend.
What do you think?
JM Smucker Co. (SJM): Weekly
Food retailer J. M. Smucker Co. is testing the limits of a trend line support that’s been around since 2019!
It’s also trading below its weekly 100 SMA. Fortunately for the bulls, the latest candlesticks are hinting that there’s decent support around $125.00.
Can SJM extend its years-long uptrend? A long wick from the current candlestick or at least sustained trading above the 100 SMA could entice some bulls to jump in.
If SJM continues to trade below the trend line, though, or if it finally trades below the 200 SMA, then we could see the start of a longer-term reversal for the stock. Yipes!
