Thought I would move away from Oil for a bit ... but not too far away ...
... (expecting $68 top then reverse. May CL1! rolls this Friday, volume has already moved down 216K last week to Friday on CL2! while OI has increased by about half that. I expect down this week, then up into the new month. So short til Friday on new month. Then open new long on new month either as cover or position. Depends on "events");
But ES (June) appears to be showing a bearish wedge pattern.
There is considerable resistance overhead at 2670-80. This is where you can add to positions with good Risk Reward. Support lies at 2620 then 2600 then 2560.
The pattern suggests an ultimate, possible move to 2440.
If you choose to short, Entry is on break close below lower radian (2640+) or if you are more anxious (2660+). The Stop is above Swing High (say) 2685
Exits are at Support levels (say) 2560 first then sell again on the pull back (and retest) at 2600. If it bounces off 2600 grab a profit then re-establish your short at 2620. If you miss, then just add.
Remember to move your SL lower as you go!
Remember you are adults so do your own research and planning!
... just my 2c worth ...
... (expecting $68 top then reverse. May CL1! rolls this Friday, volume has already moved down 216K last week to Friday on CL2! while OI has increased by about half that. I expect down this week, then up into the new month. So short til Friday on new month. Then open new long on new month either as cover or position. Depends on "events");
But ES (June) appears to be showing a bearish wedge pattern.
There is considerable resistance overhead at 2670-80. This is where you can add to positions with good Risk Reward. Support lies at 2620 then 2600 then 2560.
The pattern suggests an ultimate, possible move to 2440.
If you choose to short, Entry is on break close below lower radian (2640+) or if you are more anxious (2660+). The Stop is above Swing High (say) 2685
Exits are at Support levels (say) 2560 first then sell again on the pull back (and retest) at 2600. If it bounces off 2600 grab a profit then re-establish your short at 2620. If you miss, then just add.
Remember to move your SL lower as you go!
Remember you are adults so do your own research and planning!
... just my 2c worth ...
