Well done to those who bought 112!
For those who have been following our reports over the past week you may recall we have been banging the drum about longs from the 112 handle for quite a while now. Here’s why:
• Positioned directly above daily support at 111.91.
• Located just below July’s opening level at 112.09.
• Sited nearby a Fibonacci cluster comprised of a 38.2% support at 111.96 taken from the low 109.54, a 61.8% support at 112 from the low 111.09 and a 78.6% support at 111.90 drawn from the low 111.47.
• The stop-loss orders planted below the range edge at 112.32 (see yellow box). When these stops are triggered they (along with breakout sellers’ orders) become sell orders and thus help provide traders with deep pockets the liquidity required to buy.
In addition to the above, we saw space for both the weekly and daily candles to continue marching north. Upside targets can be seen at weekly supply drawn from 115.50-113.85 and the daily trendline resistance etched from the high 115.50 (merges nicely with the noted weekly supply).
Suggestions: Well done to any of our readers who happened to jump aboard this move. The first take-profit target can be seen at October’s opening level at 112.64, followed by the 113 handle.
Data points to consider: FOMC member Kaplan speaks at 1am; US JOLTS report at 3pm; FOMC meeting minutes at 7pm GMT+1.
• Positioned directly above daily support at 111.91.
• Located just below July’s opening level at 112.09.
• Sited nearby a Fibonacci cluster comprised of a 38.2% support at 111.96 taken from the low 109.54, a 61.8% support at 112 from the low 111.09 and a 78.6% support at 111.90 drawn from the low 111.47.
• The stop-loss orders planted below the range edge at 112.32 (see yellow box). When these stops are triggered they (along with breakout sellers’ orders) become sell orders and thus help provide traders with deep pockets the liquidity required to buy.
In addition to the above, we saw space for both the weekly and daily candles to continue marching north. Upside targets can be seen at weekly supply drawn from 115.50-113.85 and the daily trendline resistance etched from the high 115.50 (merges nicely with the noted weekly supply).
Suggestions: Well done to any of our readers who happened to jump aboard this move. The first take-profit target can be seen at October’s opening level at 112.64, followed by the 113 handle.
Data points to consider: FOMC member Kaplan speaks at 1am; US JOLTS report at 3pm; FOMC meeting minutes at 7pm GMT+1.
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