If we drop below 2760ish we will probably retrace to 2700 quick. I think that sets up a nice bear trap for all those who are sure we are in a bear market. We recently made a 4 month high by taking out the November 2018 high that served as resistance through Dec. I'm looking for a reversal near support at the 23.6 fib around 2700.
I knew on December 27th that we were gonna see a powerful rally, but I didn't think we'd be testing higher highs anytime soon. Here we are in mid Feb targeting 2820 or there-abouts. The momentum in price says we just HAVE to go there. If we make a higher high I see bulls testing ALL TIME HIGHS here shortly thereafter. Sellers completely exhausted themselves in...
Powerful weekly bullish engulfing triggers an IHS(inverted head and shoulders) pattern. Oil prices are going higher. No point in trying to decipher the inventory data or saudi opec press releases. Buyers are willing to pay higher prices. Bulls are in control. Targeting $58 first. Then $63.
Gold has been defying the nay-sayers and has solid upward momentum. The gold bugs are gonna push to the 1370 neckline for sure. The real question is will price break through to kick off a multi year breakout. Personally I don't understand why gold is a store of value other than it's pretty and shiny, but I don't bother trying to rationalize. Prices are continuing higher.
Seeing a definitive break DOWN in the price of wheat futures. We need to see an immediate continuation in the upcoming week to get properly short. Also watching other AG futures like corn and soybeans for perspective.
Yes the FED is raising rates, but this looks like a BUY to me personally based on he following thoughts:
- Falling wedge/Double bottom breakout on high volume
- Initially sold off intraday after the FED announcement, retraced and overcame selloff prices
- RSI down trend busted
- Held above neckline for 1 hour
Therefore I will give this a 51% chance of moving...
This just looks really nice to me. That being said I don't know which way it will break or if it will be false and reverse or whatever. But it just looks really nice.
I'm waiting for a decisive price and RSI break out of the TRIANGLE on a 1 hour closing basis. I won't even bother calculating trade size until this happens....but it will happen