nice support on oih, but I think it might be short lived, and possibly retest the 110 area. Price broke last swing's fib support, so I think we get a bounce, then a second leg down breaking last support.
pitchforks
- Thread starter racehorse
- Start date
Similar story on USO. The upper black fork line support once again has been broken. USO isnt really in a downtrend yet but rather range bound. We have 3 buys zones here: 35.2, 34, and 32. If we break 32 I'll consider this a bear market.
Update on SNDK. Nice gap down on sndk this week, but im not bullish, and will short the retrace up. The weekly median line suggest we hit 14, but that could take months to play out.
Weekly view of sndk we had an intersecting point of resistance on both forks (energy point), and good ol'e price action s/r as well. I'll time the trade off the daily.
CAAS. We are 10 cents off support, so we need a bounce at the open or some strong volume to keep this thing for heading lower. The last hope is 14.77 at the 61.8 (golden ratio 
), but now that momentum has shifted to the downside, im not sure if it will hold. From the swing that I drew the fib shows that we were able to reach the area of 1.382 extension, but then when we came down, we broke support on its last swing ( the trend marked with the x)..so now price must come down to its next price wave. We are at 50% support now, but if the dow opens weak monday, so much for that.
), but now that momentum has shifted to the downside, im not sure if it will hold. From the swing that I drew the fib shows that we were able to reach the area of 1.382 extension, but then when we came down, we broke support on its last swing ( the trend marked with the x)..so now price must come down to its next price wave. We are at 50% support now, but if the dow opens weak monday, so much for that.Like sndk on the weekly, nice energy point on GYMB weekly with clear resistance at 45. We are at two vectors of support here on both daily and weekly tf's.. take the break of highs from the weekly, or daily if u want faster entry, and set a stop at the weekly low for a nice high prob trade.
got long some uso at 36.51... nice decision . Forks do terrible in ranges, so just trade the s/r.
. Forks do terrible in ranges, so just trade the s/r.No, I'm just trading the daily range. Didn't pay any attention to the weekly, because the range on the daily is like 6 to 7 months long, so the weekly would look similar.