I will be travelling for the next 4 weeks and the service will be limited. Daily updates, mainly trading ideas will be posted at various stages during teach session.
| 24 Hour: Mildly Bullish |
Medium Term: Prefer to sell rallies |
| Preferred Strategy: Neutral. The short term momentum indicators hint at a further recovery from Friday’s 2430 low although the dailies remain negative and selling into strength, with a SL placed above 2475 would seem to be a plan. If the political scene deteriorates, then we could see a quick run to 2400 – and lower. |
| Resistance |
Support |
| 2488 |
8 Aug high -All-time high |
2430 |
Friday low |
| 2475 |
Minor |
2416 |
(50% pivot of 2344/2888) |
| 2465 |
200 HMA |
2412 |
100 DMA |
| 2455 |
Minor |
2402 |
29 June low |
| 2445 |
Minor |
2398 |
(61.8% of 2344/2888) |
…
| 24 Hour: Mildly Bullish |
Medium Term: Prefer to sell rallies |
| Ditto S+P.
Preferred Strategy: Neutral |
| Resistance |
Support |
| 22130 |
8 Aug high – all-time high |
21788 |
Friday low |
| 22025 |
9 Aug high |
21735 |
(23.6% of 20474/22130) / Rising trend support |
| 21970 |
200 HMA |
21675 |
Minor |
| 21920 |
Minor |
21625 |
Minor |
| 21882 |
Friday high |
21525 |
Minor |
…
| 24 Hour: Neutral |
Medium Term: Neutral |
| Preferred Strategy: Neutral. The choppy, sideways trade continues and as we said before, the short term momentum indicators look mixed and the charts are messy so I would not be too involved right now. More of the same looks likely and the wide range of 5600/5765 look may continue to cover it in the medium term. Note that the dailies do point lower though, so out of preference I would trade it from the short side. |
| Resistance |
Support |
| 5735 |
8 Aug high |
5614 |
Friday low |
| 5715 |
Minor |
5592 |
24 July low/(38.2% of 5029/5944) |
| 5690 |
Minor |
5575 |
Minor |
| 5665 |
200 DMA |
5550 |
Minor |
| 5648 |
Friday high |
5526 |
2 July low |
…
| 24 Hour: Neutral |
Medium Term: Mildly Bullish |
| Preferred Strategy: Neutral. The short term momentum indicators are hinting at further consolidation below 1300 although the dailies are picking up steam and a move towards 1315/25 resistance would not surprise over coming days. Much will depend on the need for safe haven assets but with Trump/Kim leading the charge it does not appear to be about to settle down. |
| Resistance |
Support |
| 1325 |
100 MMA |
1285 |
Minor |
| 1315 |
(76.4% of 1375/1122) |
1281 |
Friday low |
| 1300 |
Minor |
1271 |
(23.6% of 1205/1292) |
| 1296 |
6 June high |
1258 |
(38.2% of 1205/1292) |
| 1292 |
Friday high |
1250 |
100 DMA |
…
| 24 Hour: Neutral |
Medium Term: Neutral |
| Preferred Strategy: Neutral. Silver had a good run higher on Friday, taking out both the 100 DMA/200 DMA before some consolidation set in. It would not surprise to see the moving averages act as a magnate on Monday but with the dailies picking up steam, a move towards the descending trend resistance/200 WMA at 17.45/55 would not really surprise in coming days. |
| Resistance |
Support |
| 17.75 |
6June high |
16.95 |
100 DMA |
| 17. 45/55 |
200 WMA/Descending trend resistance |
16.90 |
Friday low |
| 17.32 |
(61.8% of 18.65/15.18) |
16.75 |
(23.6% of 15.19/17.20) |
| 17.20 |
Friday high |
16.65 |
200 HMA |
| 17.05 |
200 DMA |
16.50 |
Minor |
…
| 24 Hour: Neutral |
Medium Term: Neutral |
| Preferred Strategy: Neutral. WTI recovered from session lows below 48.00 on Friday and the short term momentum indicators now look as though we could retest 49.00+. The dailies look less certain though, and some choppy consolidation may be in store, so look for a range of something like 48.00/49.50 to cover it on Monday |
| Resistance |
Support |
| 50.60 |
Descending trend resistance |
47.96/92 |
Friday low/100 DMA |
| 50.40 |
1 Aug high |
47.85 |
26 July low |
| 50.20 |
(61.8% of 55.21/42.03)/10 Aug high |
47.65 |
Minor |
| 49.50 |
200 DMA |
47.20 |
(38.2% of 42.03/50.40 high) |
| 48.95 |
Friday high |
46.65 |
Rising trend support |
…
