June 7, 2012
- in Uncategorized by schooloftrade
Market up-date: technical chart review
Crude Oil is
trading below the PHOD and with the dollar index above the PLOD we assume that Bernanke
is saying something bullish for the USD.
This means with Crude Oil below the PHOD the sellers have taken control
and we will stay short to the PLOD. Take
profit target on the way down at .78, 85.30, and final target at price channel lows
85.15. ideally on Crude Oil we will go
all the way to the PLOD, however, we have some major support in our way so we
will take profit there instead.
trading below the PHOD and with the dollar index above the PLOD we assume that Bernanke
is saying something bullish for the USD.
This means with Crude Oil below the PHOD the sellers have taken control
and we will stay short to the PLOD. Take
profit target on the way down at .78, 85.30, and final target at price channel lows
85.15. ideally on Crude Oil we will go
all the way to the PLOD, however, we have some major support in our way so we
will take profit there instead.
E-Mini-Russell is now trading below the PHOD just
like Crude Oil futures. With the dollar
index above the PLOD and the E-Mini-Russell below highs of the range we know
the buyers are weak and the sellers will be the high-percentage trades today
until this changes. As we go lower with
every new lower-lows we look for selling opportunities on the E-Mini-Russell with
wave-pattern short.
