Tuesday, July 5, 2011

Oil and Gold update

Oil broke out of falling wedge I discussed in my post last week http://viewonmarkets.blogspot.com/2011/06/oil-part-2.html Price has sliced through 200 day sma and is fighting 200 day ema, which is also in 50-61.8% fib zone. Traders are going to be on a lookout for a trip to $100 on WTI CLQ1 (yours truly included), which is around 50/150 day sma laminate. Trailing stops are going to be placed below $94.34 and $93.45 There is an inverted head and shoulders on 4 hr with neck @ 95.70 resulting in $6 distance. That implies a target of $101.70 or so, which is also upper bollinger band on daily.
If you missed the move wait for a pullback and trade your plan http://viewonmarkets.blogspot.com/2011/07/trade-plan.html

Gold is acting strong after hitting 100 day sma support last week. Above 1514.80 resistance it has 50 day sma to fight @ 1522 on GCQ1. Daily stoch has crossed into positive and is above the 20 line.
After two consecutive closes above 50 day sma, shorts better beware...

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