Russell Mini Breaks Its Trend Line

We’re watching the Russell Mini break its trend line and looking for a short entry to take this trade all the way down to where we start earlier this week!

We called this trade on the blog last night and this is the continuation of this move.
 
Russell 13 Range Chart
 

Russell futures have now broken the up-trend line on our 13-range chart. We will look for this short entry using a 2-step pattern off the highs.

Entry short will be below 54.4, which is the low of the day today, but it is also the earliest opportunity to get short after this trend line break.

My first target will be 53.6, which is the high of day from earlier this week (previous resistance is now support for our trade)

My 2nd target will be 51.7 which is the open of the day, and the final target will take us all the way down to the low of day from yesterday.

I can also see another pattern setting up if we don’t break the lows and the buyers regain control and try to push this market back into the trend line above into the sideways trading range we wanted to SELL short below.

I will enter long above 57.4 for this 2-step reversal, and look for a quick first target @ 58.0 (previous support level) and then final targets will be at 60.0 for the trend line (make sure you grab the 2nd target as soon as you see sellers enter around 60.0 b/c that trend line is going to bounce and it will bounce EARLY.)

If we can make it through that trend line at 60.0, then look for the mission to be completed all the way up to the day’s open of trading at 63.0.

Crude Oil 21 Range Chart

Im watching the 21-range chart and we can see a 2-step pattern setting up for a reversal off the lows

Beware, we see double-tops up through 79, so wait to get above these, and then above the previous day’s low of day

Looking for long entry above 79, looking for my first profit target at 76.95 (1/2) just below the big round number

My second target is at 77.12 (1/4) below the next swing high level, and if we can break above 12’s look for the next resistance of 77.20 (1/4) as my final target.

Our intitial test of the 79 shows momentum pointing down on the 21-range and 13-range, so lets wait for momentum to confirm this entry long