This week, we will learn about financial events that could present multiple trading opportunities. From the start of the earnings season to important housing market information and inflation numbers, the market will see a flurry of data that could affect how investors trade. On top of that, the U.S. Supreme Court will hear oral arguments in the case of Slack v. Pirani, a complicated securities law issue that could have significant ramifications for direct listings. With all these events in mind, investors should be prepared to take advantage of this week’s TOP 3 trading opportunities (April 17-21).
Important Financial Events (April 17-21)
This week marks the start of the earnings season. Many of the world’s biggest corporations are expected to release earnings, including Johnson & Johnson, Bank of America, Netflix, Lockheed Martin, Tesla, Morgan Stanley, IBM, American Express, and Procter & Gamble.
Moreover, we will know the most recent housing market information, including existing house sales, construction permits, and housing starts for March. Inflation numbers from the U.K., eurozone, and Japan will also be provided, along with data on China’s first-quarter GDP.
Slack v. Pirani, a complicated securities law issue, may affect how simple it would be for investors to sue corporations for misstatements or omissions in their registration statements during direct listings. It will be the subject of oral arguments before the U.S. Supreme Court on Monday. The case may have significant ramifications for direct listings, making them a more desirable alternative or eliminating them.
Considering these events, three assets should present multiple trading opportunities this week.
TOP 3 Trading Opportunities (April 17-21)
UKOIL
The price of Brent oil is trading sideways, hovering around the 86.50 level. We can see that the stochastic indicator is now beginning to overlap negatively. This makes us believe that the price will continue declining in the coming sessions. Eventually, it may reach the first correctional level at 83.50.
Therefore, depending on how the price exits the bullish channel, the negative trend will continue to be suggested on an intraday basis. It should be noted, however, that passing the 87.10 and 87.65 levels would cause the price to restart the main bullish trend and first go to test the 89.00 regions.
XAGUSD
Last Friday, silver prices broke the bullish channel’s support line. It led to a significant decline projected to continue over the next sessions as corrective pressure, with the first negative station being a test of 24.60.
Therefore, a negative bias will be anticipated for today. Breaking the 25.05 level will increase the likelihood that prices will decrease. On the other hand, exceeding the 25.60 level will terminate the correction situation. It would also drive prices to resume their primary upward trend.
The support and resistance levels for today’s trading are 24.70 and 25.60, respectively. An upward-sloping support line from April 03, now immediate resistance at $25.60, was broken by the dazzling metal’s U-turn from a fortnight-old resistance line. In addition, the stable RSI after reversing from the overbought area and the negative MACD indications give the XAG/USD sell signal optimism.
EURJPY
Because of the persistently favorable pressures, the EURJPY pair could not reach its goal of 147.00. Instead, it reached the 147.45 level this morning. The bullish scenario will continue to hold as long as the 145.75 level is further supported. It will increase the likelihood of targeting more stations between 147.70 and 148.40.
Get ready for yet another exciting trading week with SimpleFX.
