Some strong trade setups have already formed on weekly charts. The March’s Monthly Candlestick will close while some strong setups are also forming on them.
Therefore, this week is a big week for those who follow the markets constantly.
Are the Markets Recovering from the Coronavirus Crisis?
It seems yes, because strong reversal signals are forming or have already formed on the charts. So many of the markets have turned around and are recovering. At least this is what the charts are saying for now.
Before you read the rest of this article, please note that this is NOT a trading or investment advice and we are not trading and investment advisers. We are sharing this just to answer the questions of those who are interested in these market. You understand that you buy/sell/hold at your own risk.
One of the formed setups that we like to share here is the long trade setup that is formed on the GBP/USD weekly chart.
2020.03.22 weekly candlestick has closed with a long bullish body, so that a too strong Bullish Engulfing Pattern is formed while there is also a too strong Bollinger Lower Band breakout. Therefore, this is a too strong long trade setup.
Most probably, the price will go up during the next several weeks and the resistance line you see on the chart below will be tested or can be even broken:
Indeed, there is a strong support level at 1.1957 that you can see it better on the monthly chart. The above strong signal has formed above/around this support level. The current monthly candlestick has also formed a too strong lower shadow above/around this level. It means most probably the next monthly candlestick (April 2020) will close with a strong bullish body:
It is almost the same with AUD/USD:
The newly formed reversal signals are even much stronger on the stock market. McDonald’s is one of them:
While 2020.03.15 weekly candlestick has completely formed out of Bollinger Bands, the next candlestick, 2020.03.22, has closed with a strong bullish body which is also completely out of Bollinger Bands as well. Let’s see where the McDonald’s market will open today at 8:00am New York time:
We will have more updates on Ethereum and Bitcoin markets. Please check the last analysis we have published: