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Trading Long on NASDAQ. Gold in Rising Wedge? WTI Consolidating.

   

Welcome to this week’s Market Blast Technicals.

 

Subscribe to Valutrades Signals at https://www.valutrades.com/en/trading-signals

 

I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at WTI (US Oil), Gold (XAUUSD), the NASDAQ (US100), AUDUSD, and GBPUSD.

 

Yesterday, we looked at USD strength with a pullback this week so let’s take a look at this from the technical standpoint.

 

Price action on GBPUSD, for example, has reached this upper trend line in this bearish trend but the Stochastic Oscillator seems to be stalling.Screenshot 2021-11-16 at 12.14.36

 

If we zoom out, we can see that the current price was a key level of support from September.Screenshot 2021-11-16 at 12.14.54

 

We see a similar situation with AUDUSD where the Stochastic Oscillator has already turned downward from Overbought.Screenshot 2021-11-16 at 12.15.03

 

We are watching Gold today as price action seems to be forming a rising wedge which is often a bearish pattern.

 

We will see if price stalls at this level of resistance to form an Ascending Triangle.

 

If we zoom out to the Daily chart, we see that the current price is at the same level as the neckline of this Double Top from May of this year, and the Stochastic Oscillator is indicating Overbought.Screenshot 2021-11-16 at 12.15.29

 

As many indices are moving higher, the NASDAQ is consolidating into this Symmetrical Pennant.

 

If price breaks through the Upper Trend Line, we could see more record highs.Screenshot 2021-11-16 at 12.15.55

 

We also see potential consolidation in price action of WTI as price ranges between $79 and $85.

 

At this moment, the Stochastic Oscillator is in the Overbought zone.

 

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.Screenshot 2021-11-16 at 12.16.08

 

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

 

That’s all for now.  Happy trading with Valutrades and we will see you next time.

 

CFDs and FX are leveraged products and your capital may be at risk.16 November 2021 Technicals EN TN

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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