Crude Oil goes above US$74/barrel. 2747 will be the level to watch today
Posted by admin in Commodities, Futures Pick, Market Analysis, Stock PickGood Morning Everyone,
Crude Oil rallied after finding the support that I mentioned at around US$72.71 level. It rallied US$2.21 to close at US$74.93. This morning, it even tested US$75.
The Key Resistance for today will be at US$75.09. Should it close above it then we may see this commodity rising up to US$75.24 first then US$79.18. The support will be at US$72.72 for now.
When I see the Crude Oil goes up, I know the Dow will recover from its recent selling. Once again proven, this show a stark inter-connected relationship between Dow and the Crude Oil market as the former rallied 118points, to close at 10185. Of course, the given reasons by the Media for the rally were (1) ExxonMobil earnings beating estimate (2) A strong 58.4 pts manufacturing report as anything above 50 is an indication of expansion (3) Stronger Dollar against other major currency.
Back home for today, we going to expect initial volatility first as yesterday’s closing have created the 3rd SHP formation in as many days. This usually signals a possibility of big movement coming soon. The STI must stay above OP and 2747 for Upside today. It closed at 2736. The First Resistance level will be 2763 while the Support level will be at 2706. If the STI can stay firmly above 2763 over the next few days, then we might really see the CNY Rally back to 2906 level.
I am very happy for those who made money on the picks that I gave like Epure, BioSensor, Ziwo and Yanlord. Today will be a good day to book some partial profit and leave trailing profit stops.
Genting traded 1.07 yesterday before matching at 1.05. I will be looking at this share again today, alongside with those battered down CPO stocks. The market wrote them off when Wilmar International scraps plan to list China unit in Hong Kong. This actually led to a sell-off on the CPO stocks but with the Crude Oil and Dow market overnight upside, this could change the entire sentiment. So do watch out for them today.
(Note: For those who paid for the SPECIAL Crude Oil Pattern Event, please check your email around 10am today, to see my latest updates)
Have a great trading day ahead! Make more money!!
Disclaimer apply as usual.
Kelvin Han
aka Trend Master
Originator of V3Go Mentoring Program
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