A brand new spankin’ trading week means we get another chance to bag pips!
This week we’re checking out chart patterns and price action opportunities on AMC, Brent crude, and EUR/AUD’s daily charts.
Take a look!
AMC Entertainment Holdings, Inc. (AMC) is flirting with the $13.50 level that has supported the stock at least twice this year.Is the third time the charm for AMC bulls?
The odds are in the bulls’ favor with Stochastic hanging out in the oversold area and the candlesticks not supporting a sustained selling pressure.
A bounce from $13.50 or current levels could lead to a retest of the 100 SMA near the $20 mark.
If AMC does break below its support, however, then the stock could dip all the way to the $9.00 or $6.00 previous areas of interest.
Brent Crude Oil: Daily
I spy with my eye Brent crude oil slipping (heh) from its consolidation!UKOIL is trading at $113, which is about $5 above the descending triangle resistance on the daily time frame.
Can the bulls sustain their momentum?
Further buying could lead to a retest of the $120 zone that lines up with March’s highs.
Not too sure about buying Black Crack? That’s okay, you can also wait for a potential retest of the broken trend line resistance before you jump on the breakout.
Watch this one closely, errbody!
Here’s another one for the breakout warriors out there!EUR/AUD is testing the resistance of what looks like a Reverse Head and Shoulders pattern on the daily time frame!
A clear break above the “neckline” could push EUR/AUD to the 1.5400 area of interest near the 100 and 200 SMAs.
If the pattern’s neckline holds as resistance, though, then EUR/AUD could dip back down to the 1.4600 or even the 1.4400 previous support levels.