So – – is this how it’s going to be then? Friday, DOWN. Monday, UP. Tuesday, DOWN. Wednesday. UP. If so, I guess it makes our collective jobs easier. Anyway, regarding crude:
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Oil Technicals Continue to Look Constructive
Unless and until Oil breaks below the Sep 1 low at $43, my medium-term pattern and momentum work argue that all of the action off of the June high at $51.67 represents a major digestion period within an incomplete recovery period off of the Feb low at $26.05, which projects to $60-$65.
With the foregoing in mind, heavy and important support resides between $45 and $44, which so far has contained the selling pressure off of last Thursday’s (Sep 8) high at $47.75. The longer Oil holds in the $45-$44 area, the more likely my medium-term bullish set-up will begin to unfold in the days ahead — a thrust to new Feb-June highs above $51.67 towards $60-$65.
Originally published on MPTrader.com.
To B Or Not To B
One thing that Stan and I are both bad at is drawing attention to our successes, as that feels like bragging, and we both know that good technical analysts are very prone to getting delusions of grandeur, which has a very negative (and often fatal) effect on the future quality of their work. We have no intention of going down that road ourselves.
However a certain degree of self-congratulation seems necessary for marketing purposes, so with some reluctance I’m going to be mentioning some current and past successes along with my equity index analysis today just to demonstrate what it is that we do at theartofchart.net. I’m going to be doing a post there later showing some seriously nice past calls on AAPL to promote our new Big Five (AAPL, AMZN, FB, NFLX, TSLA) chart service that we are launching at the moment, and if you’d like to attend the free public webinar that we are doing on Monday after the RTH close to promote that service then you can register for that here. We will be looking at the charts for all five in that free webinar. (more…)
Sunday Sector: Energy
On this quiet holiday weekend, I’m just going to share charts which have these characteristics: (1) I am not in position on any of them; (2) they look like attractive short set-ups; (3) they are all in the same sector; in this case: energy. Here you go:
Ante Omnia Armari
I’m concluding latin post title week with a phrase which means ‘before all else, be armed’. This market could get very interesting over the next few weeks, hard as that might be to imagine after the last few weeks. We must all be careful not to get caught on the wrong side of a trade that goes the other way hard. The mini-crash almost exactly a year ago followed an August daily band compression that was smaller than this one.
Decent market information is a useful weapon too of course, Stan and I are analysts rather than clairvoyants but on a good day it can be hard to tell one from the other. I’m particularly pleased with this video that I recorded last night for our Daily Video Service subscribers at theartofchart.net, which has given me a very nice morning and a great start to the holiday weekend. I’ll go through the calls on the companion bonus charts below, which were used in the video and then posted for subscribers afterwards. I’ve not included the ES and TF charts as I was mainly relying on the NQ chart for equity index direction, for reasons that should be obvious on the video and chart: (more…)
