Weekly Market Analysis And Trade Plans

Macro Trades

DXY: Bullish. The DXY broke the descending channel and the resistance at $104.45. The potential monetary policy difference between the ECB and the Fed might give the DXY a boost. Use the UUP ETF for the trade. The potential target price is around $30.35. Wait for a pullback to or below $29 and scale in. Stop loss is below $28.65.
BTC: Neutral. There is strong support at $25,400. BTC could form a double bottom, but it is still in a downtrend. It is better to be on the sidelines until a potential direction is confirmed.
CL: Bullish. CL completed a cup and handle pattern. Wait for a pullback to the 10/20 moving average. The ideal entry would be $84.50 with a stop loss below $82.50. The Fed is in a tough spot due to the continuous rise in oil prices.
ES: Bearish. The upcoming CPI and Federal Funds Rate announcements will decide its fate. A head and shoulder pattern is forming on the daily chart. If ES goes down, there might be a dead cat bounce at $42,000.
GC: Neutral/Bearish. GC is oscillating in a channel. It is short-term bearish but long-term bullish. A spring is forming on the weekly chart. This could be a Wyckoff accumulation phase. It is better to be on the sidelines.

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