mikebod

mikebod

Updating my previous long trade initiated when UNG broke through the 200 DSMA two weeks ago. At the same time, the 200 DSMA turned upwards after having been in a downtrend for over two years. Note also the huge increase in volume since the 200 DSMA was breached. My current target is former tops formed in May/June 2024 in the 21.00 to 22.00 area. (I would close...

mikebod Updated 

UNG has now closed above the 200 Simple DMA for the last five days; a feat last achieved over two years ago. As well, the 200 SDMA is also turning green, indicating possible long-term bullish momentum. Next resistance is around 17.00 at previous swing high. A breach above that should clear the way to price discovery at 21.00 area.

mikebod

UNG is testing the 200 DMA resistance for the 7th. time since May 2023. A successful daily close above the 200 DMA should lead to the next level of resistance at around $21.

mikebod Updated 

US Oil has broken through an 13 month uptrend with force. Possible negative impacts on Energy stocks, XLE, and Loonie once trend is confirmed.

mikebod

May be decisive break or failure today after Fed speak.

mikebod

Based on my previous, long-term chart, I would expect a retracement of the steep drop over the last two months to at least the 33% Fib retracement (~1.2900). However, given the political turmaoil that has driven this drop, I am placing a close MANUAL stop to a close below 1.2300.

mikebod

After breaking clean through a 2 year, multi-week TL (yellow line) with no resistance, USD/CAD is now approaching a multi-year (green)TL stretching back to September, 2012. This, I believe, should provide some resistance, and an opportune place to cover anyone who shorted the pair in the last few weeks.

mikebod

This should result in a bounce back up to at least the Fib 50% mark of the recent drop (~1.136). Long term, given the negative impact of dropping global oil prices on the Canadian Economy, I expect at least some consolidation over the next few weeks.