What I'll be looking for this coming
OPEX week.
FCX has been having a strong go at it, but there's some overhead resistance looming at the $77-$80 level, not to mention the gap just below $90.

So, things look a bit extended at this point (but what doesn't anymore?). The upper keltner channel lines up with the even $77 level, so watch for selling if price makes it up to that area this week.

However, the first hurdle
FCX has to overcome is the $75 level. So, we may get some selling on Monday at this level, provided it doesn't just drop from where it is now. I would be looking for a downside move back to at least the 50-EMA (on the 30-min chart) which would coincide with the most recent gap ($73).
POT has been floundering of late. Just look at the weekly:

But what you may not be able to pick out on the weekly can be better viewed on the daily:

I'm looking to sell any pullbacks in POT.
USO, just look at the weekly and daily:


I'm thinking the bottom line here is, buy the dips!
Also, keep an eye on the Transportation sector, as they seem to be leading market behavior, watch for a lower high.

And finally, pay attention to the financial sector if it begins to approach the $15.50 mark.
No comments:
Post a Comment