Trade888

Trade888

That was quite the explosion up on May 24. Since then it has been walking up the top rail until today we hit the median. The SQZ shows a loss of momentum. A drop through support at 4490 would also break the lower rail and signify a change of trend down

Trade888

NQ in May drifted down out of the fork, found support at 4300 (double bottom) and has rallied back but not quite to the high at 4590. CCI and SQZ show the rally is losing momentum. NQ is still moving up but if it fails here this could be the next channel down. Target 100% extension at 3966

Trade888

Interesting how the CL rallied up to this median and fell to it later. Perhaps it will guide us to the 61 to 75% retracement target and support at 47.50

Trade888

Given the slow pre holiday trade , best to let the market show its hand this morning. Note the hesitation at the 61 to 75% retracement zone. Possible down if trades below 49.30

Trade888

Don't fight the trend. For now the trend is up. However note the divergence in CCI and Sqz. Fundamentals are that production is still higher than normal and there is lots of inventory. Target is 50% fib at 44 where there is also support.