Oil as projected earlier started its downwards journey.
Now it is in a pullback from its overnight low. Another sell opportunity coming up from 69.
Reasons: Saudi Arabia announced a price cut to asian consumers today. As a result the price went down significantly, and is now on oversold from a 1H time frame. The new sell opportunity from 69 will see the price...
Update to Idea ... Nasdaq broke structure and started with its fall today. Current technicals point to a short 'respite' which may see it recover some lost ground, but Nasdaq has more or less started its deep dive due to the following factors:
1. End of Earnings season. (Usually the majors see rotation post earnings)
2. Delta, Mu and the New South African unnamed...
Time to Sell USOIL at 69.
1. Fundamentals: New covid variants will drive down demand
2. US enters Hurricane season - drives down demand by cars, but demand by boats and electricity production (generators, etc) will go up.
3. Shutdown in production in offshore facilities will increase volatility.
4. OPEC+ has assured increased production. High Oil prices...
Dow has a bearish divergence on the Weekly, 1D, 4H and 1H chart. While Nasdaq and S&P went for all time highs, DJI failed to join its peers.
Dow is currently a sell on pullback till the tide turns. I am shorting the DJI on every pullback and taking profits on its regular downward moves. DJI will probably fall till 34000 before turning the tide.
Gold had a rejection at 1830-1840 range and now is back at 1800. The buy zone for gold is at 1780-1790. This is a strong area of support. If Gold breaks out from this zone, it will retest its resistance at 1830 and probably break it for 1870. if it fails at the support zone of 1780-1790 it will test 1750. But I would focus on a long position for now, atleast till...
Nasdaq post the small monday dip (fell by 500+ points) has now created a new ATH.
Nasdaq may rise further till 15500 , but it will need a SIGNIFICANT pullback post the earning seasons where usually you will see rotation of stocks. That retracement will see nasdaq drop till 13800 approximately.
Nasdaq had a pretty smooth ride to 15000, as i had mentioned in my post earlier. But now we have the earnings season. The results are baked in. So its now time to go short on the Nasdaq.
Multiple factors will drive the move down:
1. Volatility to increase with the earnings season. That always witnesses nasdaq drawdowns
2. The infra bill is far from finalized...
Trade Setup for Silver. Our volatile friend is giving us a new opportunity to go long from a deep .61 Fib retracement from the recent highs of 28.2+. I am waiting to enter this trade. Expect to take the plunge either today or Monday.
Gold had a deep retracement overnight from its highs of 1903 and fell all the way down to 1882. This is the buy zone for Gold in its bullish phase, with the next target at 1920.
I am entering a long trade and looking forward to riding this positive move.