The Chop, 24 Apr 2023
🖼 Daily Technical Picture 📈
➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels.
➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting to reverse and go Short. It just means the current trade has run its course. I still hold a long position with 20% of capital due to my secondary trading strategy.
➤ Let's have a quick overview of other assets:
⦿ USD (daily): Similar to the equity market, experiencing a small retracement. I expect further weakening, 1.13 being the target (EURUSD).
⦿ TLT (weekly): Still range bound. I favour the long-term downtrend meaning higher interest rates.
⦿ GOLD (daily): Also retracing but I expect all time highs.
⦿ NATGAS (weekly): Bounced higher to the 2.30 long term resistance zone. It doesn't look strong enough to breach the resistance. Further downside expected.
⦿ OIL (3-day): Bullish move may have peaked. If true, I expect a re-test of the low at a minimum at 664 (WTI)
⦿ BTC (weekly): As expected, we saw some profit taking. Price can drop further (pick your level) but the new bull trend is firmly in place.
➤ Conclusion: 🐆 Awaiting the next Primary trade signal...
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels.
➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting to reverse and go Short. It just means the current trade has run its course. I still hold a long position with 20% of capital due to my secondary trading strategy.
➤ Let's have a quick overview of other assets:
⦿ USD (daily): Similar to the equity market, experiencing a small retracement. I expect further weakening, 1.13 being the target (EURUSD).
⦿ TLT (weekly): Still range bound. I favour the long-term downtrend meaning higher interest rates.
⦿ GOLD (daily): Also retracing but I expect all time highs.
⦿ NATGAS (weekly): Bounced higher to the 2.30 long term resistance zone. It doesn't look strong enough to breach the resistance. Further downside expected.
⦿ OIL (3-day): Bullish move may have peaked. If true, I expect a re-test of the low at a minimum at 664 (WTI)
⦿ BTC (weekly): As expected, we saw some profit taking. Price can drop further (pick your level) but the new bull trend is firmly in place.
➤ Conclusion: 🐆 Awaiting the next Primary trade signal...
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
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✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.