The S&P 500 has stayed in the channel developing since the early part of March (see chart). There is probably another leg up extending above 2130 to be had. No bear market until there is a break of the lower trendline which is at 2075 now.
Oils still looking weak but I am kind of suspicious that there may be another up leg developing because the 50 MA is in an uptrend on many oil stocks and the latest leg down is really sideways in many of the oil stocks. Nevertheless, it is in no man's land without a high probability trade available now.
FIVE continues upward. A retrace to 35-37 would be a buying opportunity.
CLF has buy signal in. Buy range is anywhere above 5.20 with a stop at 4.95. This is a big potential win, with a target of 7.1 which would yield a 30% gain.
I am not a professional. Trade at your own risk.
Oils still looking weak but I am kind of suspicious that there may be another up leg developing because the 50 MA is in an uptrend on many oil stocks and the latest leg down is really sideways in many of the oil stocks. Nevertheless, it is in no man's land without a high probability trade available now.
FIVE continues upward. A retrace to 35-37 would be a buying opportunity.
CLF has buy signal in. Buy range is anywhere above 5.20 with a stop at 4.95. This is a big potential win, with a target of 7.1 which would yield a 30% gain.
I am not a professional. Trade at your own risk.
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