Showing posts with label retrace. Show all posts
Showing posts with label retrace. Show all posts

Thursday, March 14, 2013

CL Crude Oil Update Symetrical Trianle

$91.91 Pivotal Low, Bulls need to take out $93.47 High after mid-band resistance

ZB 30 Year Bond

Still stepping lower after last weeks "False Break N' Shake" of downtrend line. Last month low 142'05 Res.

ZW Wheat Falling Channel Potential "Wave 5 Low"

Potential Wave 5 Low against 78.6 & completion of -38.2 target. Key pivot reversal holds out of falling channel

DX Dollar Futures into 161.8 & 78.6


Sunday, March 10, 2013

Oil Symmetrical Triangle

Oil futures daily chart is forming a Symmetrical Triangle. On the 3rd test of the trend-line identified "X" is the ideal location to get long instead of buying the breakout. .618 retrace from the November 2012 lows to the January 2013 highs along with a key pivot bar is propping this future to where it could see higher prices next week. I also like how its breaking out of the organized falling trend channel that was established against the Right Shoulder highs made in February. My overall expectation is for the "Neckline" to be tested and for oil to continue higher and targeting those 127.2 extensions. 

Euro Futures 6E stair stepping lower into support

The Euro for the last several trading sessions has entered a key support zone, along with testing and holding a key pivot low from early December. The key reversal bar that occurred during last Fridays session is somewhat concerning for the bulls. But if this future can sustain trade within the zone & start basing out and break its series of lower highs and lower lows along with a trend-line break a new upside objective will be in place. Notice the objective completed on February 1, 2013 and that was the high for the move. Majority of the times when the target is reached moves tend to terminate or at least pause at the objective. The organized light blue trend line with 5 touches assisted in turning this future south.

Saturday, March 9, 2013

XLF Spider Financial ETF Retracing From 07 High

Retracing from 07 high, .382 18.21, .50 22.02, Obj. from 09 to 2012 pullback at 21.52, with 21.42 resistance