Forexpros Daily Analysis - 20/01/2010

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FuturesPros Daily Analysis Jan 20, 2010


Crude Oil Visual Trading Update

Current Trading Plan:

Position: OUT
Last (19-01-2010) Closed position @ 78.68 (+$2.02)
Long: --
Short: Below 77.80
Exit by Stop Loss: --

Technical Indicators Notes:

Yesterday we said "More bearish action. Support has become resistance (4H) and this is where we have moved our SL. In the 4H you have: RSI in bearish territory, STOC moving down, ATR turning up and MACD under 0. In the Daily you have RSI still far away from oversold, MACD turning down, and price consolidating under the 20 SMA."
Like the S&P500 and USD/JPY, we were stopped out for a profit here also. Is this the end of the commodity slide? No. We think that there is a way to go, as in the EUR/USD and that the consolidation here is only temporary: RSI in bear territory (4H), and under 50 (Daily), and look at the MACD combination of 4H and Daily. Only a steady creation of higher highs and higher lows in the 4H will change our mind.

Chart Legend:

Simple Moving Average (20) – Green
Support & Resistance price areas: Brown
Trend lines and Channel Boundaries: Blue
Indicator trend lines and effects: Magenta

Signals:

Long: Above the wide Green line.
Short: Below the wide Red line.
Exit position: On crossing the wide Cyan line.

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GOLD Visual Trading Update


Current Trading Plan:

Position: OUT
Last (13-01-2010) Closed position @ 1140 (+$0)
Long: Above 1145
Short: Below 1123
Exit by Stop Loss: --

Technical Indicators Notes:

Yesterday we said: "Still waiting for a range breakout."

This is annoying and specially in view of the price action in the EUR/USD. Hard core support near the 1120-1130 area. Could it be the Chinese PUT?

Chart Legend:

Simple Moving Average (20) – Green
Support & Resistance price areas: Brown
Trend lines and Channel Boundaries: Blue
Indicator trend lines and effects: Magenta

Signals:

Long: Above the wide Green line.
Short: Below the wide Red line.
Exit position: On crossing the wide Cyan line.

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Futures trading analysis by FuturesPros. For futures quotes and more information on commodity trading see FuturesPros.

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Disclaimer
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.