Bullish gold, Flag on daily chart. Fib level .238 $1225, Possible US vs Saudi arabia tensions. QQQ and SPY barely holding 200 DMA. FOMC Nov 7-8
Bearish USD, DXY rejecting .5 Fib level for 5th time. Look for bounce in $xme $gld stocks. Next FOMC Nov 8th, 98% rate hike projected
Bearish USD, DXY rejecting .5 Fibonacci level .for 3rd time. Short term, Buying precious metals $XME $gold stocks.
Nat Gas - Daily RSI overbought, Weekly has some room to run. Fib levels - .382 support = $3.08, Fib .5 resistance = $3.53. EIA nat gas report thursday should determine NG direction. $HNU 2x ETF for canadians or $ugaz 3x ETF for USA
WTI - Weekly possible H and S, Monthly possible Hammer candle. Very important to look at all time frames. Bullish EIA oil report today, Hurricane news and dollar weakness. WTI Net long contracts increased. I think we head to $75 with hurricane news.
WTI Oil hitting resistance, .618 Fib Level $75.30. RSI has not gone past 70, since Jan 2018. API July 3 was another drawdown, EIA is july 5th. Supply issues from Permian basin with lack of extra pipeline capacity. End of july $80 oil target
Long DXY until .382 fib level $94.84 , June 13th FOMC meeting lines up well with chart. Rate hike very high, question is how many for rest of 2018. Good luck!
Target .382 Fib level $94.84 until June 13th FOMC expected rate hike. RSI is not overbought yet. Barring any bad US economic data events, looks like $94.94 will be target this month. Looking for starter position into Gold stocks soon...
Triangle break out and Fib levels, $33.60 is Fib level .382 , RSI not overbought on daily, so it could run another day here. 3rd senate reading June 7th. ACB bought Leaf for 3 billion. Look for higher low to form, then enter if you are not in yet.
I was wrong about rsi overbought and DXY is above fib retracement .236 now. Old resistance ($92.62) is new support. Next FOMC is in june, so DXY could run up more..Bearish commodities short term
DXY hitting .236 Fibonacci level, RSI overbought. FOMC may 2, 91 % expected rate hike plus 2 more this year. Gold futures monthly chart still higher lows, Sell stop at 1300. Holding jnug
Bitcoin rejects at .238 Fib level or close to 200 MA, rsi overbought on daily chart. Look for consolidation here until FOMC may 2 decision as next catalyst. Higher lows and lower highs. Short term traders, use the 2 hr or 4 hr charts...
Triangle pattern might be ready for breakout after 2nd senate reading passed 44-29 votes. 2 more months until 3rd reading in June.
Long term bullish pennant, short term consolidation. 2nd senate vote (reading) for bill c-45 is expected in march, 3rd vote in june. Watch volume in $Mj , the US weed etf. No volume in sector ever since end of january. Watch weed as well, the lead company.
Its been a great run from $550ish , but we are at 50 DMA, top trendline and 50% Fib retracement. I took profits from $740, sold at 954. Still holding $LTC $BNB and $BTC long
If hmmj closes below $18.15, I think it gap fills down to $16.94. If it closes above $19 , the upper trend line with volume. Then, it would be bullish. Legalization senate votes schedule - March and June. Follow the $MJ stock, there has been no volume since the markets sold off end of January. Need the US buyers to come back...
Canopy is in descending channel, gap fills to lower trend line. $24.80 , Earnings is Feb 14th, might get a bounce. Bad news from govt about possible legalization delays and feb is not good month for sector, like 2017.
Top of Trendline on daily time frame is $1460 area, average volume this AM. Wait for asia this evening to push it higher...