This video highlights some of the potential swing trading opportunities that stand out at this time. Covered in the following order are: Crude oil & the energy sector via /CL (crude futures), XLE & XOP gold & the US dollar via /GC (gold futures) & the EUR/USD forex pair various agricultural commodities via /ZW (wheat futures), NIB (cocoa ETN) and JO (coffee ETN) XLP (consumer staples sector ETF) XBI (biotechnology ETF) The broad markets via SPY, QQQ & IWM
On the first chart below, /ZW (wheat futures) have fallen back to the 438 support level with bullish divergences on this 60-minute time frame. On the second chart below (daily chart of WEAT), the scenario with the green dotted arrow would be ideal for the Active Long Trade on WEAT with the white dotted lines outline an alternative scenario with WEAT making one more marginal new low with bullish divergences before a lasting trend reversal & rally. The suggest stop remains on any close below 6.40 (i.e.- 6.39 or below).
This video covers the near-term outlook for some potential swing trading opportunities at this time with analysis on various stocks, ETNs, commodities and futures contracts. Covered in the following order is the outlook for: The precious metals & mining sector via the charts of /GC (gold futures), EUR/USD (euro-US Dollar pair) & GDX; Crude oil & the energy sector stocks via /CL (crude futures), XOP & XLE; a couple of agricultural commodities & active long trades, wheat & cocoa via /ZW (wheat futures) & the ETNs- WEAT & NIB; followed by an update on the AAPL unofficial short trade. Note, video [...]
The following notes & chart provide an update to the WEAT, Wheat ETN, active swing trade idea & trade setup, including price targets.
An overview of some of the swing trade ideas that stand out at this time.
The following is an update on the WEAT (Wheat ETN) swing trade idea, including price targets on /ZW (wheat futures).
Lots of decent reversals today: - XOP recovered from nearly a 2% loss earlier with the ETF climbing out of that hole & just going green for the day. - As @schooner mentioned in the trading room, decent reversals in the broad markets. - Semis once gain tested & bounced off the primary uptrend lines. - GLD faded 100% & then some of a nice opening gap although the miners (GDX) still green for now. - The WEAT long trade continues to test the limits of the suggested stop of any close below 6.40, trading below that level intraday on several [...]