TSX:PEY appeared on my screener for a MACD crossover play. I applied Gann box and it looks like we are coming up on a critical point with the potential for the move upwards.
I have shown the 48 Day periods which is part of Gann's 192-day cycle to see if there are any points of reversals and it lines up pretty nicely. It appears that we just passed a 48 Day...
CLM9 and oil in general has gone up almost 50% since bottoming after the severe selloff. The upcoming weeks upside should be approached with caution as there is an increased risk of exposure reduction from buyers, which is expected to manifest itself in a potential pullback of 200+ ticks.
In my opinion this is a very good possibility. We might just be in the early stages of a recession and the market is letting us know that it is not liking what it sees coming.
Lots of investors have been overlooking all the bad data and indicators. But to tell you the truth, this does not surprise me at all, considering they did the same exact thing right before...
S&P500 hit peek yesterday, I don't know what the Feds are going to say or do, but whatever it is, the markets are not going to like it because we are headed to new lows ladies and gentlemen. Hold on to your panties, this might get DUMPY!
It feels that the dollar is losing steam and the three drives pattern could push the price back into the 1.15x area.
Trading Plan:
Long, entry 1.1320-1.1370, TP1: 1.1405, TP2: 1.1470, TP3: 1.1520
Short (high risk), entry 1.1400-1.1420, TP: 1.1378
Oil has been trading within the highlighted range after it had achieved an extension to around 161.80% of the previous swing. Looking for limit sell setups on pops seems reasonable.
