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Disclaimer: This newsletter should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
GBPUSD – Daily Chart
A bullish Pin bar signal formed several days ago at the 1.3725-40 short term support area.
We can also see a bearish Pin bar signal followed by a bullish Pin bar signal that formed over the past few days (these are conflicting signals forming at no relevant chart area and provide no clear direction)
The market is slowly grinding higher after testing and holding 1.3570 major support level recently.
We will be considering buying weakness whilst the 1.3725 short term support holds (until a break and close below the low of recent Pin bar signal).
CRUDE OIL – Daily Chart
A bullish Fakey Pattern has been forming for several weeks and finally triggered to the upside overnight, a sign the short term up-trend can continue higher.
A bullish Pin bar signal formed just above $66.70 short term support level recently and remains in tact.
We will be considering buying on pockets of weakness whilst the $66.70 support level holds.
S&P 500 – Daily Chart
A bearish Fakey triggered a break down from the most recent highs.
A subsequent bearish Tailed bar signal has formed late last week and has added some short term bearish momentum to the current swing lower.
There is strong support range at the 4350 to 4387 support range, (prior bullish Pin bar signal and now an Event Area)
We are considering trading longs if a clear price action signal develops on the 4 hour or Daily chart time-frame within the 4350 to 4387 support range.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.