Monday, September 8, 2014

3 Places to Sell Crude Oil & Gold on Tuesday | SchoolOfTrade Newsletter 09/08/14

“Your time is limited; don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living the result of other people’s thinking. Don’t let the noise of other’s opinion drowned your own inner voice. And most important, have the courage to follow your heart and intuition, they somehow already know what you truly want to become. Everything else is secondary.”Steve Jobs
Notes for Tonight’s Newsletter:

·       Markets ‘reacting’ to last Friday’s disappointing Non-Farm Payroll report (142k vs 230k expected)
·       Crude Oil collapses and tests the $92.00/barrel, new 6-month lows
·       Mini-Russell pushes higher today, in the wake of last Friday’s disappointing Non-Farm Payroll report.
·       Gold pushes lower on a strong US-Dollar and increased confidence around the world as violence winds-down.
·       Light news calendar this week, the 2nd week of the month, placing the focus on Geo-political and the mess at the ECB.

·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  Strong US Dollar and less fear in the markets at this time are making for easy selling opportunities on the Gold Futures.
·       Daily Chart:  Price-action has pushed all the way to the lows of the price wedge on the daily chart.  We expect to see support (buyers) enter the market, but will they be strong enough to keep sellers from pushing lower to 1242.3 or 1238.1 by end of this week???
·       64-Anchor Chart:  New lower-lows on the 64-anchor tell us to stay patient and wait for the next sell set-up at 1261.4 or 1273.4.
·       32-Anchor Chart: New lower-lows tell us to wait for the next selling opportunities at 1263.2 symmetry or 1265.7 sell-zone overhead.
·       16-Anchor Chart:  New lower-lows tell us to wait for a selling opportunity at the 1258.0, 1263.5, 1266.1, or 1269.0.
·       Profit-targets below @ 1253.6, 1247.7, 1242.5, 1240.4, 1238.9, 1232.2, 1219.5

Crude Oil:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  Strong US Dollar is making Crude Oil ‘cheap’ in comparison, and the world appears to be getting ‘numb’ to the violence in Ukraine/Russia at this point.  In addition, the Chinese and European markets are slowing down, softening demand, which is tying into the end of the summer driving season… all signs of lower prices on Crude Oil Futures.
·       Daily Chart:  the sellers made new lower-lows today below the key support level of $92.00/barrel, but they didn’t stay there very long… seeing a big WICK on the daily candle for today tells us we closed the session right back where we started around $93.00/barrel.
·       64-Anchor Chart:  We are in a strong down-trend on the slowest anchor chart, which tells us to focus on the short-selling at well-defined sell-zones, and take profit at the lows of the price channel as well as the support levels at 89.84, 87.97, and 85.84
·       32-Anchor Chart:  New lower-lows tell us to sell short at the next Trade Set-up overhead at the trend-line resistance, 93.75, 93.82, 94.15, and 94.40
·       16-Anchor Chart:  New lower-lows tell us to get SHORT at the next sell Trade Set-up at the highs of this bearish price channel, symmetry at 93.22-93.30 and/or the sell-zone at 93.37 to 93.57.
·       Profit-targets below @ Price channel lows, 91.62, 90.47, 89.84, 87.97, and 85.84

·       Long-Term Direction Bias = LONG
·       Short-Term Directional Bias = LONG / NEUTRAL
·       Fundamentals:  Strong US-Dollar (and weak Euro) are pushing US equities higher because they are ‘cheap’ when purchased with USD, and the US equities appear to be the ‘only game in town’ for long-term investors.
·       Daily Chart: We tested the range-highs (1187.7) last week, and it appeared we stumbled off those highs and headed towards the lows (1121.5) but this week has been nothing but BULLISH even after last Friday’s disappointing Non-Farm Payroll Report.
·       64-Anchor Chart:  Prices have tested the lows of the bullish price channel, as well as the reversal-line support at 1161.6… this is a great time to buy the Mini-Russell with profit-targets up at 1187.9, 1198.3, and 1210.7
·       32-Anchor Chart: the buyers looked NERVOUS last week as we pulled-back into our final buy-zone (1157.9) before the sellers took control… and they held this price up, which now gives us an excellent time for buying opportunities on our way to overhead targets at 1181.4 and 1187.9.
·       16-Anchor Chart:  Mini-Russell is long-term bullish, but in the short term we are slightly bullish and trading sideways.  We have the green-light to buy right now with targets listed overhead at 1176.4, 1180.7, etc.

·       Profit-targets above @ 1176.4, 1180.7, 1181.4, 1187.9, 1198.3, 1210.7 (all-time highs) and 1217.4

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