I don't use pitchforks normally, but I saw one could be set up pretty easy on this chart and it's having a nice break down and out of the indicator.
the 12.50 pivot was a also a previous support pivot last August.
I could see the next major support being provided around the 100DMA
Definitely bearish feelings here, $DXY has found support the past week and along with the small recent USD rally we find $USO has run up against the 200DMA.
The 10DMA (drawn in blue) has provided support in the past, so waiting for a break down there would be wise IMHO, although I suspect we're about to roll out the red carpet soon.
The previous oil chart I did...
Weekly candle chart
$DXY trading in a ~7% range since early 2015
Will the range hold? Will it break?
RSI looking bearish, but has also found support in the past, maybe looking to give the 61.8% retracement a proper test.
I could see the Fed just playing ping pong using their announcements for the rest of the year, curious to see how it goes. Also wondering if...
Weekly Chart with daily MAs.
Simple 200DMA break trade, these seem to be pretty successful.
Chose some old resistance to serve as a profit taking point, might even want to trim ~$27 and put the money to better use... if there's a fluke and we even make it there from here ;)
The 100DMA is converging on the 200MA, RSI has been establishing a bullish support/resistance area and price is bottoming at support again.
Leaning long with a month long horizon, entry potential at $5, or on a 200DMA break up on volume
I don't like doing TA on leveraged ETFs generally, but you can get a good idea of what's going on. Using SMH for semis would be better, if I were using fib ratios I'd definitely use an unleveraged product for charting.
Chart text repeated here:
potential reversal area, might be able to squeeze another 7% out of the current rally, would wait to go long on a...
Using $DUST to short $GDX
Notes on chart.
Basically: Indicators are indicating both overbought conditions and tipping momentum bearishly (macd)
I was too eager to punish the pop, a more conservative short entry could be when price breaks the 10 day moving average (dark blue)
been watching UNG, the double bottom there makes me think we've got a few days up, will be watching those moving averages and trend lines for tighter reversal patterns on the smaller interval charts.
I chart off UNG, just threw the trade on the UGAZ chart.
If we can avoid a double top here we should be able to make it up at least 30% to the next historical top set in 2003.
I've given it 8.42% to go up before I try and long $CRAY
Check chart for notes, not much to say besides bearish longer term, could see a bounce up to around $2 soon as OIL seems to be finding support.
Could easily find a 50% swing up before meeting the major resistance. But would set tight stops as the channel is bearish and the yellow trend looks like it could slap it back down.
RSI looks to be diverging as well...
I suspect this will rally until we hit the downward sloping resistance trend. Just a bit of crystal balling along with our levels, averages and trends
Careful if that 182.40ish level breaks
I also have a feeling 2016 might be similar to last year if we don't get a break, except a larger sideways channel
I actually got shook out of my DUST position flat yesterday because I didn't have a trade plan set up. Too bad.
So here it is, pretty high risk trade as it stands if using GDX (long puts, never short shares without a long call to cover your butt, I'll write a book "Advanced Trading for Beginners")
Anyway, I think we have plenty of downside here, unless GOLD GL...
I decided to take a bit more time to put an additional play on the board as well how to trade the initial "break and retrace" play I was seeing yesterday. Might start looking to short depending on open tomorrow and some intraday movement, things are crazy
