Canada is a mess for a number of reasons see HERE , chief of which is commodity driven. Look for a move above strong resistance at 1.3078 on a weaker than expected GDP report where 0.0% is consensus. Released at 8:30am today.
Monthly view of Gold. Breach of the 50% retracement from the 1999 lows, paves the path towards the 61.8% fib retracement at 890.28.
Gold has had some precarious price action as of late and the media is all over it. Moreover, the recent acceleration to the downside has many confounded and attempting to catch a falling knife. Usually this signals capitulation and screams for a contrarian play. However, analyzing Gold's move in relation to the USD points to more pain for goldbugs. Gold is priced...
Important resistance at the 50% retracement from March's assent. Look for lower Euro at trend support from March's lows to dictate the next move. Dollar index strength could push Euro through support to the 76.4% fib retracement at 1.070ish.
Updated with the daily view. Thesis: oil reversed this morning's gains on relatively strong US macro data. Looks poised to break through support at 48.71. Watch for leg down to 47.27
Oil failing to hold this am's upward price movement. Yes, I'm bearish longterm, but the reversal this morning is telling and it's sitting on important support. Watch for a break lower
A: If USD bounces off support here, look for new highs on a breakout above the downtrend resistance from March. B: Otherwise, the index will have another opportunity to bounce off support from May. Unless we see a breach below this support level, I firmly believe the index goes on to new highs and Euro and Oil go to new lows.
I'm republishing my analysis on the front month crude futures $CL1! on the FXCM WTI spot price chart so those without premium accounts can view my analysis with intra-day moves. I've also updated the analysis since, crude fell through the 50 level. One is hard pressed to find a macro bull case for crude. Supply is poised to rise, demand is looking to slow, and...
Theme, fundamentals, and technicals all point to higher highs for PANW. Theme: Not a week goes by without some new and more serious hack storming the media and forcing company budgets to accommodate increased spending on IT security. Both the threat of hacks and the increase in security spending aren't likely to recede anytime soon. Fundamentals: Off the...
One is hard pressed to find a macro bull case for crude. Supply is poised to rise, demand is looking to slow, and the dollar looks ready for another leg higher. Longer term, I still believe we'll see new lows in oil and the technicals make an easy case for a full retracement of this Spring's ascent. Currently, crude is sitting at important support, which...