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Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
CRUDE OIL – Futures
Key levels: $51.56, $53.81, $57.35, $59.16, $60.63, $62.23, $63.73, $66.22, $67.94
Price Action: Yesterday, price moved higher from the Bullish Pin Bar signal that had formed just above the $60.63 short-term support level early this week (discussed in April 27th newsletter). Early last week, price initially broke above the $62.23 – $63.73 key resistance range, but later in the week, collapsed on itself and closed back below that range.
Potential Trade Idea: We are still considering trading longs on a retracement lower to within the range of the Bullish Pin Bar signal, whilst price remains above the $59.16 – $57.35 key support range.
NOTE – You can trade CRUDE OIL Futures via the trading platform we use HERE.
SPI 200 (Australian 200 Index) – Cash
Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920, 7088
Price Action: Yesterday, price formed a Bullish Fakey setup just under the recent all-time highs (We had mentioned waiting for a Bullish Fakey setup from the recent Inside Bar pattern – discussed in April 27th newsletter). Price had formed a bearish Tailed Bar signal just under the recent all-time highs late last week (We mentioned not consider trading this signal as it had formed near the all-time highs, was counter-trend, and was just above the major support zone – discussed in the April 23rd newsletter).
Potential Trade Idea:
Trade Idea 1: We are considering trading longs from the Bullish Fakey setup, whilst price remains above the 6862 – 6920 key support zone.
Trade Idea 2: We are still considering trading longs on a deep retracement lower and/or after a price action signal, at or just above the 6862 – 6920 major support zone.
NOTE – You can trade SPI 200 Cash via the trading platform we use HERE.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.