April 28, 2016
- in Uncategorized by schooloftrade
5 Targets for Friday | Crude Oil, Gold, E-mini & Euro Futures 04/28/16
“I am an optimist. It does not seem too
much use being anything else.” – Winston
Churchill
much use being anything else.” – Winston
Churchill
Notes for Tonight’s Newsletter:
All of
our markets have bullish
momentum leading into tomorrow’s session; Crude, Gold and Euro both trading
inside channels and the E-mini S&P is trying to recover from a nasty fall
earlier today.
our markets have bullish
momentum leading into tomorrow’s session; Crude, Gold and Euro both trading
inside channels and the E-mini S&P is trying to recover from a nasty fall
earlier today.
Crude
Oil is bullish and trying to finish rotation back to the highs of a bull
channel this evening and complete a triple measured-move tomorrow but there are
a few levels of resistance getting in the way that need to be broken first. The bull channel tells us to expect rotation
back to the highs of the channel, or look for a ‘trap-low’ below a prior
support level before we make the next leg higher. The measured-move was completed at 45.91 and
will act as resistance before the buyers can try to finish a triple
measured-move up to 46.34. Buyers need
to either get a strong breakout-pullback above this resistance, or they need to
wait for price to ‘trap-low’ below prior support so they dont have to buy into
this resistance area.
Oil is bullish and trying to finish rotation back to the highs of a bull
channel this evening and complete a triple measured-move tomorrow but there are
a few levels of resistance getting in the way that need to be broken first. The bull channel tells us to expect rotation
back to the highs of the channel, or look for a ‘trap-low’ below a prior
support level before we make the next leg higher. The measured-move was completed at 45.91 and
will act as resistance before the buyers can try to finish a triple
measured-move up to 46.34. Buyers need
to either get a strong breakout-pullback above this resistance, or they need to
wait for price to ‘trap-low’ below prior support so they dont have to buy into
this resistance area.
E-mini
S&P is trying to re-group after an incredibly volatile session today and a
recent double-bottom reversal at a measured-move is giving the buyers a chance
to take price back to channel highs tomorrow.
The large bear channel is almost sideways and can be traded almost like
a range, buying the low and selling the high, and has a double-overshoot at the
lows which resulted in most of the sellers taking profit. The measured-move was completed and shows a
perfect example of a double-bottom reversal which is giving the buyers a chance
to take control of the market going into tomorrow’s session.
Gold
is bullish and trying to finish a big measured-move but price is trading at the
highs of a spike & channel which tells us to wait for a correction back to
support levels for the most reliable trades tomorrow. The spike & channel tells us to look for
one more buying opportunity at the lows before waiting for a deep pullback into
the correction zone down at 1255.5.
There is also a much steeper bull channel which is unlikely but possible
to finish rotation back to the highs but they need to breakout and pullback
above the spike & channel highs to accomplish that first. The measured-move and ‘triple-up’ make for easy
targets for the bulls tomorrow.
is bullish and trying to finish a big measured-move but price is trading at the
highs of a spike & channel which tells us to wait for a correction back to
support levels for the most reliable trades tomorrow. The spike & channel tells us to look for
one more buying opportunity at the lows before waiting for a deep pullback into
the correction zone down at 1255.5.
There is also a much steeper bull channel which is unlikely but possible
to finish rotation back to the highs but they need to breakout and pullback
above the spike & channel highs to accomplish that first. The measured-move and ‘triple-up’ make for easy
targets for the bulls tomorrow.
Euro
is bullish and trying to finish the rotation back to the highs of a bull
channel but we’re in the middle of a trading-range so we may have to wait for a
‘trap-low’ for the best opportunities to finish the move higher. The bull channel tells us to expect rotation
from the low back up to the highs, which will also complete a measured-move
target for the buyers tomorrow. The
trading-range is the big obstacle for the buyers right now because they need to
see a ‘trap-low’ below the lows or a successful breakout-pullback above the
highs for the more reliable trading opportunities.
is bullish and trying to finish the rotation back to the highs of a bull
channel but we’re in the middle of a trading-range so we may have to wait for a
‘trap-low’ for the best opportunities to finish the move higher. The bull channel tells us to expect rotation
from the low back up to the highs, which will also complete a measured-move
target for the buyers tomorrow. The
trading-range is the big obstacle for the buyers right now because they need to
see a ‘trap-low’ below the lows or a successful breakout-pullback above the
highs for the more reliable trading opportunities.
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