Upon further chart review, lowering the stop on QM (September crude) long back to 58.625. locking in +2.
We are in a rising wedge, but there is plenty of room still. 23.6% projection from July is 64.275, and right around trendline resistance. That is the new longer term target for August, but bear in mind that should we break above 64, the target moves to 65.20. There is pullback risk now after this bounce, and support below 59.65 is 10 day ema at 59.40 and 38% at 58.90. This trade might be exited anytime intraday should potential real weakness appear on the horizon.
click on chart for full size
This entry was posted
on Sunday, July 31, 2005 at 11:56 AM.
