Weekly Technical Outlook: Correction Setups on MSFT, Crude Oil &

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I’m seeing these neat pullback opportunities on WTI crude oil, Microsoft shares, and AUD/JPY.

Are these trends likely to resume soon?

WTI Crude Oil: 4-hour

WTI Crude Oil Daily ChartWTI Crude Oil Daily Chart

Heads up, black crack traders!

WTI crude oil is trending higher inside an ascending channel and is currently testing support around the mid-channel area of interest. I’m even seeing a couple of reversal candlesticks suggesting a possible bounce.

This is right smack in line with the 38.2% Fibonacci retracement level, which buyers seem to be defending. Stochastic is suggesting that there’s still room for a larger pullback, though, so crude oil might dip to the 50% level at $63.05 per barrel or the 61.8% Fib at $62.50 per barrel closer to the channel bottom. AUD/JPY Daily Forex ChartAUD/JPY Daily Forex Chart

This forex pair is also trending higher inside a rising channel and is bouncing off the mid-channel area of interest.

Heck, AUD/JPY even gapped higher over the weekend to show that bulls are excited to charge!

In that case, price could recover to the swing high at the 85.00 major psychological resistance from here or even make its way up to the channel top. If a larger pullback is needed, the pair could retreat to the 61.8% Fib around 83.80 or even until the channel bottom at 83.50.

Stochastic is closing in on the oversold region to suggest that buyers are about to take over soon while the moving averages could go for a bullish crossover.

MSFT: Weekly

MSFT Daily ChartMSFT Daily Chart

If you’re bullish on Microsoft, this could be a nice opportunity to buy the stock at a slightly cheaper price!

As you can see from the chart above, MSFT shares are cruising above a rising trend line connecting its higher lows. A correction is already taking place, and price is testing the 38.2% Fib near $250.

Stochastic suggests that there’s room for a dip to the trend line support itself, and this happens to line up with the 61.8% retracement level at $243.51.

Moving averages confirm that support levels are more likely to hold than to break, but make sure you still practice proper risk management if you’re going long!

Source babypips

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