Ready to add to your trading watchlists this week?
Whether you like watching trends, ranges, or breakouts, I got your back with setups on JP Morgan, Bitcoin (BTC/USD), and NZD/USD.
Don’t even think of missing them!
JP Morgan Chase & Co (JPM): 1-hour
I don’t know if you noticed but major banking player JP Morgan Chase & Co. broke a key trend line support last week.
JPM dropped all the way to 127.80 before buyers stepped in and pushed the stock back up to the 134.00 previous inflection point.
Does the upswing have momentum?
Further buying could push JPM to the 137.50 area that lines up with the broken trend line 61.8% Fibonacci retracement of last week’s downswing, and a key support level in February.
If JPM turns lower from its current levels instead of hitting higher pullback zones, then y’all should be ready to target last week’s lows.
Not convinced that the breakout is legit? You might want to wait until JPM is consistently back above its broken trend line before you price in uptrend continuation plays.
NZD/USD: 4-hour
NZD/USD shot higher earlier today, enough so that the comdoll pair is now testing the 4-hour chart’s 100 SMA resistance, the 61.8% Fibonacci retracement of March’s downswing, AND a descending channel resistance that hasn’t been broken since February.
Can NZD/USD bears maintain the downtrend? Or are we looking at an upside breakout in the making?
Shorting at current levels would yield a good risk ratio especially if NZD/USD drops back to the .6100 March lows.
If NZD/USD’s upswing inspires an upside breakout, though, then the pair could hit its previous highs near the .6270 or .6300 areas of interest.
BTC/USD: Daily
Where my crypto friends at?
Bitcoin (BTC/USD) just bounced from the $20K zone, which isn’t surprising since the psychological level was also near a bullish SMA crossover on the daily time frame.
With Stochastic just leaving its “oversold” zone and the last candlesticks hinting at a strong bullish momentum, you can bet that at least some HODLers are eyeing the $25K zone.
As you can see, the $25K area marks the top of a range that BTC bulls haven’t broken since August 2022. In 2023 terms, $25K also lines up with February’s highs.
Momentum players can take advantage of the bullish bounce from the SMAs and target the range resistance.
Think last week’s bounce was a fluke?
You can wait for a few red candlesticks to confirm bearish sentiment before targeting the $20K or $18.3K previous lows.
