Can Buyers Save This Rally? Here’s My Trading Plan
Has this bull rally finally come to an end? It certainly looks that way at first glance, but dig deeper into the charts and you’ll see the buyers are still in a very good position to keep this rally alive…
The bears have momentum on their side, but with trading-range on the charts, we’re only a couple seller failures away from snapping back up to the highs tomorrow morning – here are my favorite setups for Thursday – let’s go!
Oil Buyers Watching Support Trend Lines..
Crude Oil is bullish after the sellers tried (and failed) twice to hold the breakout over lunch, which is now giving the buyers the opportunity to run back to retest this morning’s high…
I’m watching two key trend-lines coming up from below, because that’s where all the buyers will be waiting for entry on Thursday…
E-Mini S&P Sellers Need to Hold This!
E-Mini S&P is bearish, but look closely and you can see we’re sitting right on the edge of a large bullish triangle, which tells me the buyers still have a chance to defend themselves going into Thursday…
The problem is, the bears have all the momentum, telling me the best way to get long off these lows is going to be trapping the sellers short off the high of a new hidden channel…
Gold Sellers Have a Tough Job Ahead…
Gold is bearish and trading in a range after the buyers failed to finish their rotation back to yesterday’s high, which tells me to look for sell setups above the range high tomorrow morning…
I’m also watching for buy setups below the range, because just below the range is a big support zone, and I’ll be looking for a crown reversal to get long off those lows…
