Intraday Commentary – 6/3/10
Time posted: 9:34am UTC
We broke the 1100 resistance band over night. However, the longer term indicators are telling me that this is a corrective bounce as they haven’t completely flipped to the long side. If we have a move with strong momentum today, the indicators could become aligned. We trade the charts not opinion so let’s see what the charts tell us as the day goes on.
Based on this break, if we see a continued move up, we could be looking at 1117.5-1118 as targets if a strong break of 1105 is seen. Along the way up we can expect the 1108.50 -1111.50 band to offer strong resistance. If we break south of 1197 we’ll asses for trend change.
© All Rights Reserved-http://traderguynextdoor.com
U.S. Government Required Disclaimer – Commodity Futures Trading Commission. Futures and options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
Loading ...
We broke an 1100 support point that took us to target of 1197. 1197 is a major support point as discussed above. A pullback and then push back through, with indicator directionality could be the beginning of a resumption of short trend. Let’s see what happens but this indecision this morning should have you on the sidelines until the market declares its hand
If an immediate return to the short side is to occur, 1100-1103 will offer resistance to further upside. If not, we’ll see 1106 and become more favorable to the long side or chop.
The resistance band held. Let’s see if the 1097 band of support will
Seems as if it has which indicates consolidation. I’m looking for a significant break out of 1105 to the north and 1096 to the south with initial targets of 1107.50 – 1110.5 and 1194.75 and 1192.50.
The indicators seem to be setting up more to the downside so be careful of false signals
Victoria has also changed direction and is falling so watch for short triggers only
A more aggressive entry would be 1097.75 with an 1101 stop
1194.75 is T1 and 1192.5 is T2
Moving stop to break-even and watching closely
trail by what you are willing to give back
Tighten stop
Target 2 hit. If trailing, trail really tight
Watching for a deeper pullback and triggers accordingly. The target was also a major support point for the uptrend so we’ll see if the uptrend continues or if the trend change is confirmed. No opinions just charts!
At a major decision res point now. If we push strongly down through 1093.5 then 1089 is the target and serves as a major point of support that if broken, could lead to a major target of 1073.75 with a few support/targets in-between.
1101 is a res point where if broken could see us climb to 1106.25-1110.50.
What a sluggish and difficult trading day…Proves that patience is one of the keys to trading as rushing entries today would have proven to be chopped around.
This final hour could prove to be explosive long but who knows…lets see what the charts say but we are setting up for a trend change to the long side. Victoria’s change to rising will confirm it.