MarketBreakdown | WTI OIL, GBPUSD, USDJPY, SILVER
Updated
Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ WTI Crude Oil - Weekly time frame 🛢️
WTI oil is trading in a long-term bullish trend.
Since spring the market is growing steadily within an expanding wedge pattern.
At the end of October, its resistance was reached.
A correctional movement followed.
The closest spot to look for trend-following opportunities is the support of the wedge.
Patiently wait for its test and then look for a confirmation to buy.
2️⃣ GBPUSD - 3 days time frame 🇬🇧🇺🇸
GBPUSD is trading in a bearish trend since summer.
From the beginning of July, the price started to fall within a falling parallel channel.
Just recently its support was reached.
We can expect a correctional bullish move now.
3️⃣ USDJPY - Weekly time frame 🇺🇸🇯🇵
Similar to WTI oil, USDJPY is trading within an expanding wedge pattern.
Its resistance was reached recently.
It looks like soon we will see a bearish move.
Your confirmation to short can be a bearish violation of 112.7 daily structure support.
4️⃣ Silver - 3 days time frame 🪙
Very important thing happened on Silver.
Yesterday we saw a strong bearish move and the price managed to break and close below 23.0 horizontal key level.
It was the level of the last higher low.
From a current perspective, such a breakout signifies a bullish trend violation.
Now the bias is bearish and I am looking for shorting opportunities.
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