Monday, April 11, 2016

4 Channels for Tuesday | Crude Oil, Gold, E-mini & Euro Futures 04/11/16

“What we can or cannot do, what we consider possible or impossible, is rarely a function of our true capability. It is more likely a function of our beliefs about who we are.”

Notes for Tonight’s Newsletter:
New week, and a new set of learning and earning opportunities on our newsletter, and tonight all four of our markets have some variation of a trend to work with tomorrow.

Crude Oil is bullish, but a recent trading range tells us to use 'rotation' for the most reliable opportunities tomorrow and buyers will be looking for some bear-traps to try and re-test the highs from earlier today.  We have a bull channel, trading-range and a measured-move on the chart this evening.  The bull channel tells us to look for channel rotation back to the highs.  The trading-range tells us to buy low and sell high using failures, and the measured-move will act as a target for both buyers and sellers.  Buyers want to see a bear-trap at the range lows or a successful breakout pullback at the highs.  Sellers need to either sell the highs of the range or they need to wait for a break-down and then hold a pullback because this is a bullish market until proven otherwise.

E-mini S&P is bearish, but sellers have a double-overshoot at the low of the channel which is an easy profit target for the bears and buying opportunity for the bulls so we expect a bullish correction overnight.  We have a bear channel, measured-move, and plenty of support levels below.  The bear channel has a double-overshoot at the lows which will be an excellent location for sellers to take profit and buyers to look for a correction higher back to the channel high.  The measured-move has already been completed which means the triple measured-move will be the next support target if this market continues, along with the previous low of day and double-down support areas below.

Gold is bullish and rotating off the lows of the bull channel with an easy target up at the completion of a rising wedge.  We have a bull channel, rising wedge, trading-range and resistance levels overhead.  The bull channel tells us to buy the lows and look for rotation back to the channel highs.  The rising wedge tells us the buyers will be shooting for the end of the wedge up at 1264.4.  The trading-range has a bull bias and tells buyers to look for a bear-trap at the lows or a successful breakout pullback at the highs.  We have a measured-move, wedge resistance, and a double-up overhead to use as targets.

Euro is bearish after sellers recently held their pullback but the pending bull channel and most recent price-action tell us the bears need to hold here or the buyers will send this price back to range highs again.  We have a bull channel, pending triangle and a measured-move on the chart.  The bull channel tells us that the buyers will be shooting for the range-high at 1.14700 and then up to channel highs if they can take back control of this market.  The triangle is pending a test and hold of the highs, which tells us there will likely be rotation back higher in the short-term.  The measured-move, along with double-up and channel-rotation will all be targets for the buyers and the low of day from today is the target for the sellers.

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