By Colin Twiggs
July 5th, 2012 2:00 a.m. ET (4:00 p:m AET)
These extracts from my trading diary are for educational purposes and
should not be interpreted as investment or trading advice. Full terms
and conditions can be found at Terms of Use.
The US Dollar Index continues to respect support at 81.00, indicating another test of resistance at 83.50 on the Weekly chart. Breakout would offer a target of 86.00*. 63-Day Twiggs Momentum oscillating above the zero line indicates a healthy up-trend.
* Target calculation: 82 + ( 82 - 78 ) = 86
Spot Gold similarly respected support at $1530 per ounce and is
headed for a test of $1640/$1650. Confidence in the introduction of QE3
has strengthened support. Breakout above $1640 would indicate a rally to
$1800. 63-Day Twiggs Momentum below zero, however, warns of a primary
down-trend. Breach of primary support at $1530 would confirm.
* Target calculation: 1550 - ( 1800 - 1550 ) = 1300
The 2-Hour chart displays a flag formation over the last two days. Upward breakout (above 1620) would signal a test of $1640.
* Target calculation: 1620 - ( 1620 - 1600 ) = 1640
Brent Crude retraced sharply to test resistance at $100 per barrel,
fueled by rising hope of recovery in Europe and tensions with Iran.
Penetration of the declining trendline would suggest that a bottom is
forming. Respect of resistance, however, would indicate a decline to
$80, with the long-term target at $75*. A 63-day Twiggs Momentum peak
below zero would strengthen the bear signal.
* Target calculation: 100 - ( 125 - 100 ) = 75
Crude is not the only commodity driving prices higher. The CRB
Non-Energy Commodities Index is testing its upper standard deviation
channel. Breakout would indicate that a bottom is forming. Recovery of
63-day Twiggs Momentum above zero would complete a bullish divergence,
indicating reversal to a primary up-trend. Respect of the upper trend
channel, on the other hand, would indicate a decline to 240*.
* Target calculation: 260 - ( 280 - 260 ) = 240
No hay comentarios:
Publicar un comentario
Muchas gracias por tu comentario. En cuanto me sea posible te daré mi opinión.