Sunday, February 5, 2023
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Weekly Technical Outlook: Reversal Patterns on WTI Crude Oil & GBP/USD, Subsequent Bullish Goal for ETH/USD

Begin the buying and selling week off with a take a look at these swing setups!

Can ETH/USD and WTI crude oil maintain their bullish momentum?

And can Cable take part on the rallies, too?

GBP/USD Daily Forex Chart

GBP/USD Each day Foreign exchange Chart by TradingView

Reversal alert!

GBP/USD is finishing its inverted head and shoulders on the every day time-frame, and it’s already testing the neckline resistance.

A break above this upside barrier may set off a rally that’s the identical top because the chart sample, which spans roughly 2,000 pips.

I do know I wouldn’t wanna miss that! However what are technical indicators saying?

The 100 SMA continues to be under the 200 SMA for now, which implies that there’s a superb probability the downtrend would possibly resume. Then once more, the hole between the transferring averages is narrowing, so I’d preserve an eye fixed out for a bullish crossover.

Stochastic is indicating overbought situations or exhaustion amongst patrons, so heading south may also entice extra sellers.

Ether (ETH/USD) Daily Chart

Ether (ETH/USD) Each day Chart by TradingView

ETH/USD busted out of its descending triangle sample a few weeks again. Simply how excessive can it go from right here?

Wanting on the every day chart reveals that the subsequent potential ceiling is positioned on the key $2,000 barrier, which has held as sturdy resistance since mid-2022.

Stochastic is already hovering across the overbought area to recommend that patrons may take it simple quickly and let sellers take over. If that’s the case, a fast dip to the close by help ranges on the transferring averages may be within the playing cards.

Additionally, don’t overlook that the 100 SMA continues to be under the 200 SMA to replicate the presence of bearish vibes.

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WTI Crude Oil (USOIL) 4-hour Chart by TradingView

Now right here’s a reversal chart sample that’s already beginning to play out!

Not solely did WTI crude oil bust via the neckline of its inverse head and shoulders, nevertheless it additionally accomplished a retest of the damaged resistance.

Technical indicators are pointing to extra good points as effectively, with the 100 SMA already crossing above the 200 SMA to sign that the trail of least resistance is to the upside.

This might clear the best way for a rally that’s the identical measurement because the formation, which spans from $72 per barrel to $78 per barrel.

Stochastic is heading north, so crude oil worth may observe swimsuit whereas upside stress is in play. Simply watch out because the oscillator is closing in on the overbought area to replicate exhaustion quickly.

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