These are trade setups that traders might want to zoom in to this week.
I don’t have the time to write a weekly analysis that I usually do since the priority is to launch the last forex class for this year. Those of you who intend to attend a course or know a friend who is keen, please refer to our course. Thanks in advance.
In the meantime, these are trades to zoom in to.
WTI consolidation on support
- There is a multi-month support from the lows of January and March this year.
- WTI is obviously perched right there while printing a triangle consolidation.
- A support is meant to be broken or unbroken depending on whether you see a half-full or half-empty glass but this is a good place to bet.
- In my opinion, month-month trend is down so this is the direction that a trend follower might want to follow.
WTI perched on multi-month support
DJ30 bearish continuation
- Week-week, DJ30 printed a bearish break to the downside last week so a trend follower should be looking at continuation.
- Pennant or wedge pattern should provide some reinforcement.
- All this below ’3 YH’ which should be a psychological booster
DJ30 evidence pointing to bearish continuation
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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.
Soh Tiong Hum is a member and regular speaker at Technical Analysts Society Singapore events and has a bi-monthly lunch time event at IG Singapore on forex and stock markets. He is an avid blogger on technical analysis topics; his Twitter account @sohtionghum
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