Category: INO.com Contributors

Bitcoin: Make It Or Break It

Posted on by Aibek Burabayev

One of our readers requested the update on cryptos, including Ethereum, this week. Here we go.

The leading coin has taught us excellent lessons recently. I shared with you a bullish setup for Bitcoin a month ago. In the following update, I recommended to move the stop loss higher from $50k to $55k area to cut the risk after the breakout and increase the risk/reward ratio to sound 2.7.

The price indeed broke above the confirmation level of $61782 and quickly reached the new all-time high in the $65k area, but then it failed to advance.

Bitcoin

We have the first lesson here from the RSI. As we can see on the sub-chart, the indicator did not confirm the new all-time high as it established a lower peak instead. This built the Bearish Divergence then, and the outcome you already know, the price collapsed dramatically. Continue reading "Bitcoin: Make It Or Break It" →

Could Silver Futures Hit $30?

Posted on by Mike Seery

Silver Futures

Silver futures in the July contract settled last Friday in New York at 25.87 an ounce while currently trading at 27.48 up over $0.60 for the week, continuing its bullish momentum as prices are near a 2 1/2 month high.

I have been recommending a bullish position from around the 25.85 level, and if you took that trade, continue to place the stop loss under the two-week low standing at 25.74 on a closing basis only as the proper exit strategy. The next major level of resistance stands at the 28.00 / 28.25 level as that could be broken in next week's trade, and if that does occur, I think we will test the 30 level soon.

I also have a bullish platinum recommendation, and I think gold and copper will continue to move higher as I see no reason to be short this sector. The U.S dollar has hit a two-month low this week as that is a bullish factor towards silver coupled with the fact that the 10-year note has hit a two-month low in yield at 1.53% as this market fundamentally and technically speaking has everything going for it, so stay long.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Copper Futures

Copper futures in the July contract is trading higher for the 3rd consecutive session, up another 1260 points or 2.75% at 4.7285 a pound, hitting an all-time high this week as this gravy train continues its bullish momentum. Continue reading "Could Silver Futures Hit $30?" →

Weekly Stock Market Forecast

Posted on by The INO.com Team

This week we have a stock market forecast for the week of 5/9/21 from our friend Bo Yoder of the Market Forecasting Academy. Be sure to leave a comment and let us know what you think!

The S&P 500 (SPY)

Stock Market Forecast SPY Daily Chart

The S&P 500, (analyzed here using SPY) had created a topping process as I have been commenting on, and was on the 4th day of bearish activity when a new blast of buying took the market out to new highs.

This completes my forecast the other day when I said... Continue reading "Weekly Stock Market Forecast" →

Should You Own Cryptocurrency?

Posted on by Wayne Burritt

The short answer: Yes.

I’ll get to the reasons why it should be a part of just about every investor’s portfolio in just a moment.

I’ll also get into why, if you do take the plunge into crypto, do so gingerly.

But before we get started, take a look at the first three installments in this multi-part series about blockchain and cryptocurrency. We talked about why they’re so important, what they’re all about, and what they really mean to you.

Feel free to take a look at these when you get a sec. But they’re not needed to get a deep understanding into what we’ll talk about today.

So, let’s get to it. Here are just a few reasons to own cryptocurrency... Continue reading "Should You Own Cryptocurrency?" →

Texas Freeze Impacts Crude Oil Production

Posted on by Robert Boslego

The Energy Information Administration reported that February crude oil production fell by 1.197 million barrels per day, averaging 9.862 mmbd. This follows a dip of 42,000 b/d in January. The freeze in Texas accounted for the majority of the downturn. The February 914 figure compares to the EIA’s weekly estimates (interpolated) of 10.368 mmbd, a figure that was 506,000 higher than the actual 914 monthly estimate.

Monthly US Crude Oil Production

Drops in production were experienced in Texas (836,000), New Mexico (105,000), Oklahoma (98,000), North Dakota (82,000 b/d), and lesser amounts in many states.

Given the huge reduction last May, production dropped by 2.884 mmb/d over the past 12 months. This number only includes crude oil. Continue reading "Texas Freeze Impacts Crude Oil Production" →