After last week’s correction, Brent oil has returned to bullish mode. The correction was very technical. We had a wedge, which ended on the 23.6% Fibonacci. Very well played by traders. We finally have some sanity around this commodity.
Last week, the S&P 500 gave hope for sellers and then entirely took it away on Monday. After retracing the 23.6% Fibonacci, the price created a double bottom formation, which officially ended the bearish dream. With the current price action, new mid-term highs seem inevitable.
A handsome Head and Shoulders pattern can be seen on the EUR/USD chart. This may end the bullish trend started by the breakout of the upper line of the symmetric triangle in the middle of May. Okay, maybe won’t end it but at least pause it. As long as the price stays at the 1.1 level the sentiment is positive.
Strong Price Action Setups: Brent Oil, S&P 500, EUR/USD
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