Shopify and the Brent Oil Futures are completely different trading instruments, the first belongs to the Technology Services sector, and the second belongs to the Futures, and so, both instruments have opposite trends.
Shopify Inc. - The price has formed a Rectangle pattern and has been in a trading range since May 2022. A close above $41.85 will confirm the pattern's breakout, with a target price of $51.40 .
A close below $28.90 will confirm the pattern's breakout, with a price target of $21.75. Note that not every price target is met.
SHOP 0.00%↑ remains in a downtrend. A close above $79.00 will confirm a trend reversal, and the price will likely keep moving to the upside.
Upcoming Earnings and Revenue report: July 27th, 2022.
Brent Oil Futures - The price has been in a trading range since March of 2022 on the daily chart forming a rectangle pattern. The support is found at $96.00 and the resistance at $124.00.
A close above $127.00 will confirm the pattern's breakout, with a target price of $152.00.
A close below $90.20 will confirm the pattern's breakout, with a price target of $73.30. Note that not every price target is met.
$BR1! has been trading below the 100 EMA since the first week of July of 2022.
It is essential to observe the low trading volume since the month of March. A low volume after an uptrend could indicate that the trend is ending, and a reversal might start.
DISCLAIMER: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. The nature of trading and investing in any assets is risky and can lead to capital losses. Our content is meant for informational purposes and should never be considered as financial advice.
Charts drawn using TradingView
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