Market Wrap: Facebook, Metaverse, Shiba Inu Coin
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Happy Halloween everyone! ??
In this week’s market wrap, we will go through the forex market, stock market, and cryptocurrencies, to review major events and trading signals, and look for upcoming trading opportunities.
Click here to receive all these signals in real-time for only $67 a month! You will get several signals a day, and even taking just 1 trade the whole month can easily cover the fee, so what are you waiting for?
Forex Market Highlights
The forex market was pretty uneventful, but we still got a few trading signals:
- AUD/CHF: breakout from inverse head-and-shoulders pattern
- EUR/GBP: breaking new lows
- XAG/USD (Silver): Potential short near top of range
- AUDJPY: Uptrend resume after BO + PB
- CADJPY: Breakout + PB
- EURNZD: Break new lows
- AUDUSD: Uptrend resumes after BO + PB
- CHFJPY: Break new highs!
- GBPUSD: Possible Type 2 swing setup (short)
Stock Market Highlights
There was a bit of a disjoint in the stock market, with a few huge stocks pushing the market up, while the bulk of the market is down.
This divergence in market breadth is not a good sign, but as long as the overall main indices are still bullish, I will continue to hold my positions in them, while taking strategic short/medium-term swing trades in individual stocks.
Facebook has decide to change their name to Meta to reflect their new direction of building towards the Metaverse, so FAANG is now MANGA. ?
This gave a good boost to Metaverse-related tokens in the crypto market, unfortunately Facebook stock still seems pretty languid.
Here were the trade signals for last week:
- S&P 500, Dow Jones, NASDAQ: break new highs!
- Facebook: New swing low
- China stocks ETFs: Prices falling from top of range?
- TWTR: Breaking out of consolidation?
- GOOG: New ATHs!
- MRNA: Potential double top breakout
- V: Break new lows
- Z: Potential range bullish breakout
- SBUX: Break H&S neckline (bearish)
- F: PB buying opportunity?
- TSLA: New ATHs!
- UBER: Break prior swing low
- NET: New ATHs! (up almost 50% since first buy call)
Crypto Market Highlights
Earlier in the week, we saw multiple breakouts and sharp runs of Alt coins and DeFi tokens, which corrected after running into resistance, then later in the week we saw the same pattern for Metaverse and NFT-related gaming tokens.
If you ride the wave well and rotate accordingly, this actually provides insane returns of easily 50-200% in just one week. Not sure how long it can last, but enjoy it while it lasts.
One of the highlights earlier in the week was Shiba Inu Coin (SHIB), which lay dormant for a long time before breaking out and shooting vertically upwards. ?
Here were the trade signals for last week:
- FTM: Multiple long positions, TP hit
- ATOM: Falling wedge breakout
- AVAX: Small bull flag breakout
- EGLD: Triangle pattern breakout
- AXS: Bullish pennant breakout
- ALGO: Symmetrical triangle breakout
- NEAR: Break previous swing high
- SOL: New ATHs!
- ETH: Testing resistance again
- CRO: Inverse H&S breakout!
- MATIC: Breakout!
- SHIB: Pennant breakout, hit profit target!
- LUNA: Breakout, almost ATHs
- BTC: Pullback to EMA
- FLOW: Break new ATLs!
Click here to receive all these signals in real-time for only $67 a month! You will get several signals a day, and even taking just 1 trade the whole month can easily cover the fee, so what are you waiting for?
Good luck, and may next week bring more excellent profits! ?
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Educational content only, not personalised financial advice. Trading carries risk, including loss of capital. Past performance is not indicative of future results. Synapse Trading is not licensed or regulated by MAS.
