Economic calendar
- Bank holiday in the UK
- NFP
Interesting Trade Ideas
Apple’s to have the first death cross in 3 and a half years. Usually stock tumbles as the 50 moving average crosses over the 200 moving average to the downside on the daily timeframe. Fundamentals-wise, apple’s annual WWDC is happening in 3 days and that could add more trading volume and volatility to the stock.
NASDAQ: AAPL Daily Chart
The probability of this death cross playing out is relatively low due to WWDC as the announcement of new exciting stuff is more than likely to push stock prices higher.
$157 will be the first resistance and then there are the 2 moving averages standing in the way.
Before the News
XAUUSD
XAUUSD Daily Chart
Gold is still stuck in between the bullish trendline and 1855 support as we wait for the job print. The number is predicted to be 325k, compared to the previous reading of 428k. However, inflationary concerns and the Russian war still overshadow the jobs market currently.
If gold breaks and closes above the trendline, we may see gold continue to rise and subsequently test 1915, the next resistance level.
Energies
US Crude
USOIL Daily Chart
Crude oil made a weekly high at $120 per barrel. Currently trading at 115.50, let’s see if it can end the week above the $115 key level as OPEC+ agreed to increase their production in the coming months. It is doubtful that the rise in production will ever be enough to cover the loss of Russian oil and when China’s slowly resuming its oil imports, the tightness in the oil markets is going to be reflected in its price. A test of its recent high at $129 is still on the table.
Welf
Trader, Technical Analyst
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