Fading The Crude Oil Spike – 4 Setups To Watch
Markets got a little crazy this morning after news broke about a potential production cut for Crude Oil, sending markets running higher in excitement…
But we’ve heard this song many times before; prices usually end up going right back to where they came from…
Knowing this, my focus for Friday is to fade this Oil spike, and I have (4) four reliable set-ups on my radar – are you ready? Let’s go…
Oil Needs to Hold $25, or It’s Back to $20
Crude Oil is bearish after buyers failed to re-test this morning’s high, finishing the session inside a range around 25.
I don’t think the buyers are finished yet, most likely making another run early tomorrow morning, and I’m looking for buyer-failure patterns to get short off the high.
E-Mini Got a Boost From Oil, But Will It Last?
E-Mini S&P is bullish, but look at the last two days and we can see we’re trading at the high of an expanding triangle (range)…
Knowing this, I want to sell these highs, and since the bulls are so strong, I need to wait for a “nested” failure before I can pull the trigger…
Gold Buyers Waiting for 2-Legged Pullback…
Gold is bullish with a strong run higher to finish today’s session, likely trying to get back into the range from earlier this year…
That strong move is a big clue, telling me that buyers will likely get a 2-legged pullback and a re-test of today’s high, so I’m waiting for that set-up to get long off the low of a new hidden-channel.
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