A new feature to the Trader’s Blog will be the addition of the Chart of the week. Each week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.
The June Crude Oil rallied every day last week. The market put in higher lows and higher highs on a daily basis after it tested the support trendline (#3 on the chart) last week on Monday morning. Any technical trader would say last week had all of the necessary ingredients for a bull run.
In today’s trade (Monday April 30th), the Crude Oil has been under pressure following unfavorable reports out of Spain and the United States coupled with profit taking ahead of a Labor Day Holiday in Europe and Asia.
The selloff seemed to be targeting the dominant trendline and the 20 day moving average (#1 on the chart) above the highs on the daily chart that kept Crude Oil in a downward channel until Thursday of last week when it closed above. This line was the dominant resistance for months, and may be the dominant support if the market can stay above in the near term. Continue reading "Chart of the week: Crude Oil" →
Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 2nd of May.