Weekly Price Action Setups & Key Levels | May 21-26
My Current Active Open Positions: AUDUSD, GBPCHF, EURNOK, EURPLN, EURSEK, AX_UN, CUF_UN, BMO, RY, ANZ
USD/CAD – False break presents fresh MT & ST opportunities for sellers (Daily chart)
After the breakout in the end of April, there has been no real follow through by the bulls and Fridays session ended with a strong close back below 1.3600. This suggests we are looking at a false break, changing our LT bias to a more neutral stance.
For traders looking to short this pair, weak pullbacks into 1.3600 can provide potential opportunities while bulls IMO are better off standing aside until the pair around 1.30, or on a daily close above 1.36 for trading opportunities.
To the downside, we have minor support levels coming in at 1.3400 and 1.3300 with major support waiting at 1.3000.
Exxon Mobil Corporation (XOM) – Impulsive Move + Corrective Structure = Bearish Bias (Daily chart)
Selling off heavily from 92.50, Exxon Mobil Corporation (XOM) has been confined within a MT corrective structure since end of January. This kind of price action suggests further downside and likely another bearish impulsive move lurking around the corner.
Bears can watch for shorting opportunities on weak pullbacks into 83.70 with first support coming in at 80.40.
If the corrective structure gets broken to the downside, this opens up for further technical selling with minor support around 78.80, 75.50 and major support at 72.00.
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