Note On Charts: It’s imperative you are trading with a broker that offers ‘New York Close Charts‘, (a true 5 day chart that aligns with the New Zealand Open and New York Close). You can download a demo of our Preferred Broker & Charting Platform we use HERE.
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Weekly Trade Setups Ideas & Chart Analysis – April 27th to May 1st, 2020
Relevant Key Levels: Support at 101.15, 104.80 and 107.00. Resistance 111.70 to 112.00
Current Notes: A short term sideways range exists between 112.00 and 101.15.
Potential Trade Idea: We will consider looking to trade the break out from the Inside Bar pattern (whatever direction it breaks). Upside targets 111.70’s or Downside targets 106.70 and potentially lower.
NOTE – You can trade Spot USDJPY via the preferred trading platform we use HERE.
CRUDE OIL (WTI Futures)
NOTE – WTI Futures have been acting incredibly erratic in recent days/weeks, with prices going negative on the prior WTI futures contract before it expired. We suggest traders reconsider holding WTI futures over the weekend, and if holding a trade at any point during the week, be explicitly aware the market can gap substantially and move quickly. Also, be aware of swap or roll over costs being extremely high at the current moment in time. Talk to your broker if you have questions or concerns.
Trend: Very Bearish
Relevant Key Levels: Support $0, $5, $10 or maybe -$20 ??? (not joking). Resistance $18.80 to $21.00, $27.80, $32.00, $41.50 and $49.50.
Price Action: Price recently collapsed from a Bearish Fakey + Bearish Pin Bar pattern that formed at the $32.00 area. Several inside have formed inside the most recent bearish mother bar (watch out for a bearish Fakey pattern / false break up above the mother bar, then a collapse)
Current Notes: Price remains very bearish whilst under the $32.00 resistance and $41.50 resistance (prior gap area)
Potential Trade Idea: We will still consider selling after a retracement higher and after a bearish price action sell signal.,whilst prices hold below the $32.00 resistance level, targeting a move down to $20.00 and then the $10.00 region or possibly lower.
NOTE – You can trade CRUDE OIL Futures via the preferred trading platform we use HERE.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445 and $1535 to $1565 and $1590. Resistance $1690 to $1700.
Price Action: Inside Bar + Small Tailed Bar (combo pattern) formed on Friday last week. A Bullish Pin Bar formed above the $1640 level 2 weeks ago.
Current Notes: Short term support remains around the $1535 to $1565 area. Price tested and held above the $1445-$1455 major support in the recent past.
Potential Trade Idea: We continue to consider looking to buy on any short term retracement lower and after a price action buy signal, whilst prices hold above the $1535 to $1565 short term support area, targeting a move back up to $1700 and then $1745 (recent highs)
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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