Can The Ceiling Hold Us?
Can The Ceiling Hold Us?
If the bulls want to breach the current ceiling then someone better call Mackelmore & Lewis, because as of now she ain’t budging. After a pretty annoying and range bound session yesterday we remain pinned below 1940 which is an intermediate hurdle before we reach real resistance below approximately 1980.
However, that said, there is a case to be made for a reversal right here and now – I’d give that scenario about 30% right now. We’ll have to watch the momentum a little today to see if buyers can muster up a bit more mojo and kick this thing into fourth gear.
One of the charts that got away from me yesterday was crude. I don’t really like grabbing it on or after the roll-over day. Not because it’s too early – most serious energy traders start rolling roughly a week before the roll over date – but because the continuous chart is just coming into alignment. So I basically didn’t see it kissing resistance which is a shame as I wanted to grab some shorts there.
There is really no perfect way of charting futures contracts and there is no such thing as a ‘crude chart’. The best thing we get really is the continuous chart and there are various ways of producing it – all of them vary slightly. So be cautious trading futures especially around roll over time. Crude in particular is a beast as it rolls over once a month.I grabbed a long in copper on a quick drop lower this morning. The hourly BBs here are compressing steadily and I expect a big move here either today or Monday. Let’s hope it’s to the upside 😉
EUR/AUD – I’m waiting for a little drop lower so I can grab a long position. The daily panel is looking intriguing as this may have been a fake out to the downside below that old diagonal I painted a while ago.
It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Please login or subscribe here to see the remainder of this post.