Weekly Price Action Setups & Trade Ideas | Nov 10-15

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Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN, WTI, USDMXN

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Tesla (TSLA) – Approaching Multi-Year Resistance Zone + ATH (weekly chart)

Price Action Context

Gaining 4 of the last 5 weeks from 230 to close at 336+ last week, the real meat of the gains came from the surprise Q3 earnings which the stock gained over 25% in one week!

However, the stock is running into a multi-year resistance zone and all time highs (ATH) which is likely going to attract profit taking from the longs, and short term sellers.

Trending Analysis

ST bullish, LT neutral while below the resistance zone on a monthly closing basis. Staying underweight (UW) with a sell recommendation while below the ATH and watching closely for trade setups.

Key Support & Resistance Levels

R: 357, 389

S: 259, 212

Stay tuned to the stock trading commentary for updates where I also share institutional recommendations weekly.

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NZDCAD – Approaching Major Support Zone (4hr chart)

Price Action Context

Still stuck in a large corrective structure, the NZDCAD forex pair is approaching the key support zone between 8298 and 8245. We have to keep trading both sides with a slightly more bearish bias while inside this corrective structure.

nzdcad major support zone 2ndskiesforex

Trending Analysis

ST and MT neutral while inside this CS and no change in bias till outside this zone on a weekly closing basis.

Key Support & Resistance Levels

R: 8491, 8587

S: 8298, 8245

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VIX – Inside Large Support Zone, Will It Hold? (daily chart)

Price Action Context

Inside a 2 year range with massive time inside this large support zone, but sudden volatility spikes, its hard not to like this zone from a value basis and all the harbingers that can create volatility to end this year and early next year.

Trending Analysis

MT & LT range while inside this large zone.

Key Support & Resistance Levels 

R: 20, 21.88

S: 14.98, 12.40

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