MarketBreakdown | WTI Oil, GBPUSD, S&P500, USDCHF
Hey traders,
here is a brief technical outlook of 4 peculiar instruments that I am currently paying close attention to.
1️⃣ WTI Crude Oil - Weekly time frame 🛢️
The market is currently approaching last year's high.
Even though many traders are looking for shorting opportunities from there,
it looks like the price is preparing for a structure breakout.
Remember that we are trading in a global bullish trend so chances are extremely high that a new higher high will be set.
2️⃣ GBPUSD - Weekly time frame 🇬🇧🇺🇸
The price is trading around a resistance line of a major falling parallel channel.
While the pair is staying below its upper boundary we remain bearish biased.
For now, I expect a bearish rally.
3️⃣ S&P500 Index - Daily time frame 📈
The price is approaching a support line of a rising wedge pattern one more time.
For trend-following traders, it is the best & safest spot to buy from.
Be ready for a bullish rally and retest of a current ATH.
4️⃣ USDCHF - Weekly time frame 🇺🇸🇨🇭
The market is currently ranging.
The price is stuck within a huge horizontal trading range.
Taking into consideration that the market is trading in a global bearish trend,
I am patiently waiting for a breakout of a range's support to sell in order to catch the next swing move.
Alternatively consider the boundaries of the range for range trading.
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