Current raging a heatwave in the US, so fundamentals say we "should have a bullish run". Expect price to kill sentiment in the month of July so we can set up for a nice rally into the winter.
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All we need is a fat finger on top of the channel
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Should be entering trend-alteration zone these days. Let's hope the bull-trap is done constructed now.
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Bulls are getting on board. Like in gold, they like to buy breakouts. So maybe this is what it takes. Now they are observing moving averages. The more bulls on board, the more violent reversal. Observe very carefully the resistance level at 3.15. IF now however, this is going above 3.15 and manages to close above, the breakout can be real, but I seriously doubt it.
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3.15. Watch it carefully.
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Might not even get it, lets see.
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Impressive break-out by bulls, even with beaten consensus estimates on inventory, heatwaves etc.
"But! Inventory report was bullish and the weather is so warm! How come price do not rise!?"
Good question.
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Trump on stage about energy, giving new hope to bulls.
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End of week, month and half year 2017. Beware of price voodoo.
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Price voodoo started to print whatever close price market desires at this important date. Be careful with positions and holding over this weekend is a good suggestion. I closed 50 % already and will impose hedge on the rest.
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Gapfill looks the most likely.
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Gapfill achieved. But hey, let's not stop there. A lot more bulls longing for warm weather to kill still.
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Wouldn't it be nice if bullish sentiment could be cleared, once and for all? Ah, yes, it would.
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But they are still fighting. Holding on to the meaningless trendline.
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Trendline broken. I think they will have more trouble in reclaiming it this time. A lot of longs that need to get wiped out.
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Bulls with SL watching nervously
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Cycle failed and about 80 % of bulls should be stopped out. Can try a risky long scalp now :)
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If you are lucky, market will test the breakdown. An excellent opportuinity to short more.
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Based on pattern symmetry I took another short position today when price was + 2.4 %. Lets see.
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More sideways than distinct down. Must understand why. I note in the back of my mind.
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bhsencer
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where is the next support 2.5 or around.?
UnknownUnicorn540299
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@bhsencer, I think this is going at least to 2.5, but would prefer to see it down to 2.3-2.2.