It is time to put LOW and HD on your radar for two reasons. One I like how the technical complex looks and the other is the fact a major hurricane is going to rip into Tampa, FL (where I'm at), or somewhere into the U.S.
In that same breadth it is imperative that we keep an eye on the Oil Stocks such as OXY and XOM, of which, I will be looking at and posting shortly with levels. One thing that is really striking is how the stores are already selling completely out of water this weekend, after visiting 8 stores and coming up empty handed. BUT, how will the country be faced with gasoline shortages as mass panic begins to strike into the human mindsets, fear, and much more. Especially with not knowing the exact placement of the hurricane and the strength of destruction as the country is facing record high inflation and the government is depleting the strategic reserves of our Oil. THEY will need to start buying the Oil off the market at a rapid pace before the price of oil begins to aggressively increase - thus fueling the demand for buying; causing a momentum spike in price action.
I will try to link all of those charts together for simplicity purposes.
My support/resistance lines are represented with the horizontal lines. You can use those as targets and/or entries for positions based on bounces of those areas or rejections.
In that same breadth it is imperative that we keep an eye on the Oil Stocks such as OXY and XOM, of which, I will be looking at and posting shortly with levels. One thing that is really striking is how the stores are already selling completely out of water this weekend, after visiting 8 stores and coming up empty handed. BUT, how will the country be faced with gasoline shortages as mass panic begins to strike into the human mindsets, fear, and much more. Especially with not knowing the exact placement of the hurricane and the strength of destruction as the country is facing record high inflation and the government is depleting the strategic reserves of our Oil. THEY will need to start buying the Oil off the market at a rapid pace before the price of oil begins to aggressively increase - thus fueling the demand for buying; causing a momentum spike in price action.
I will try to link all of those charts together for simplicity purposes.
My support/resistance lines are represented with the horizontal lines. You can use those as targets and/or entries for positions based on bounces of those areas or rejections.
