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Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – March 18th to 22nd, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily charts unless marked otherwise.
GBPUSD – 1.2920 remains the support line in the sand for the bulls.
Relevant Key Levels: Resistance 1.3290. Support 1.2800 and 1.2920
Price Action: Price rotates down to test the ‘event zone‘ (prior pin bar low) and bounces aggressively.
Current Notes: 2 Inside bars form right at top of the large mother bar. Price looks supported at 1.2920 and this will remain the line in the sand for bulls.
Trade Idea: We prefer buying on any dips towards 1.2920 or on a price action buy signal above that level.
NOTE – Due to the ongoing BREXIT situation in UK, we are not personally holding GBP related trades over the weekend presently.
CRUDE OIL – The trend remains bullish whilst $54.50 support holds.
Trend: Slightly Bullish
Relevant Key Levels: Resistance: $58.20. Support: $54.50, $51.20 and $42.30
Price Action: Bullish fakey + Pin Bar on daily chart we discussed last week has seen prices surge higher.
Current Notes: Traders can consider buying on any weakness whilst price remains above the $54.50 key level.
Trade Idea: The large pin bar buy signal at the $54.50 support level we discussed prior remains active, traders can consider buying on weakness whilst the $54.50 level holds, targetting the $58.20 level and beyond.
S & P 500 – Bullish continuation as price breaks atop 2820 resistance.
Relevant Key Levels: Resistance 2820. Support 2600, 2690, 2500-2550, 2440 and 2320.
Price Action: The Inside Bar just under 2820 we discussed last week has now broken up. Pin bar we mentioned last week saw prices surge higher.
Current Notes: The break above 2820 is a bullish trend continuation pattern. Whilst price holds above the 2690 level we prefer buying on any short term weakness.
Trade Idea: The Inside Bar we discussed late last week has activated a break above 2820. From here, traders can consider buying on any weakness whilst 2690 support holds and/OR on another price action buy signal on the 4 hour or daily chart. Upside targets 2850-60 area.
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