Weekly Price Action Setups & Trade Ideas | Oct 13-18

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

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WTI Oil – Bounces Off Key Support, Bullish While Above (daily chart)

Price Action Context

After selling off for most of September, WTI Oil has bounced solidly off the key support zone between 53.25 and 50.50. I’m bullish while above this on a weekly closing basis and looking to get long on a weak pullback into support.

wti oil key support zone 2ndskiesforex

 

Trending Analysis

ST bullish while above this zone, MT neutral.

Key Support & Resistance Zones

R: 57.45, 60.00

S: 53.25, 50.50

Stay tuned to the members market commentary for updates.

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USDCHF – Looking Like Potential Breakout Soon (4hr chart)

Price Action Context

In our prior market commentaries, we suggested selling the resistance zone between 9950 and 1.0000 which worked out well for some great ST trades. However, the USDCHF pair is forming a breakout pattern and is looking like it might want to break soon.

usdchf breakout 2ndskiesforex

Trending Analysis

MT bearish while below the zone on a weekly closing basis, waiting for breakout or breakdown for ST direction.

Key Support & Resistance Zones

R: 9950, 1.0015

S: 9900, 9700

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UBER – Sell Recommendation While Below 36.50 (daily chart)

Price Action Context

Down almost 25% since its IPO, Uber has barely maintained its IPO open price before running into some strong headwinds that has seen it drop almost 2 out of every 3 days since mid July this year. I have a sell recommendation on Uber and will look for pullbacks towards the key resistance level around 36.50 to get short.

uber stock sell recommendation 2ndskiesforex

Trending Analysis

ST and MT bearish while below 36.50 on a weekly closing basis

Key Support & Resistance Zones

R: 36.15, 41.50

S: 28.45, 25

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