Broke out of uptrend with high volume. CFTC showed specs were long, so there is plenty of room to the downside.
Spreads have been weak and option volatility was low before breakout. As it broke to the downside, longs scrambled to protect with an downside puts and panic left option vol to increase by over 6 points.
On the downside, i am looking into the ...
Crude is nearing the target of 52 after the breakout of the triangle after the OPEC meeting a couple weeks ago.
RSI and Stochastik are now very much overbought and even generated some sell signals. Also, as of now, there is a divergence in stochastik and RSI indicating the market is due for a correction sideways or lower. Without any fundamental news a correction ...
Market has been narrowing awaiting the OPEC meeting. Trading volume has declined going into tighter trading ranges (red triangle). This is a great example for a symmetric triangle. Breakout direction to be determined.
Also, the greater picture shows a slowing uptrend leading into a very long term triangle. Patience is required.
My bias would be leading to the ...
Looking to test 200 day MA and upsloping trend line in blue for the shorter term.
Overall the market is still in a buy territory, but a test of the 200 day MA might be likely.
Weather concerns for the upcoming fall and winter are not an issue yet. Physical demand as my sources tell me has been more than subdued over the sommer after the end user buying ...
As we see some support is coming in from our longer term trend channel as well as the lower Bbands.
So far the last three weeks have provided with the expected sideways action once reaching 50.
Selling calls has been the right strategy so far (51, 52 and 53 calls).
At this support I am covering my short calls, but will hold of selling any put spreads to see how ...
Expecting a breather as gold seems quite oversold. Look for overall sideways action for the next 5 to 10 trading days
On a weekly basis, 1200 level marks the middle BBands, hence expecting some support to come in.
Should we break 1200, downside targets of 1120, 110 as well as old lows at 1060
IMHO selling put spreads for the time being might be good to take ...
Good opportunity to sell some upside calls or call spread, above 1.60 strike for sideways or correction lower IMHO
Targets on downside middle BBands and lower trend line (orange).
(Time frame next 5-10 trading days)
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Oversold on Bollinger, but Indicator momentum in line with new lows.
I am looking towards the extension of the previous lows this year to get to 34-35 for support, then 33 (old front month low of January 2009)
Until then, more of the effects of the OPEC meeting, which yielded more supply coming on line in the near future.
These levels are not worth shorting ...
Running into the 200 day MA at 51, which should give some resistance, as well as the upper Bollinger bands.
If it breaks a little to the upside targets at
If a correction takes place levels to look out for at 4780-4820
