S&P 500- Bullish
Last week we saw the Standard and Poors reach record breaking highs as price reached $2913.00. The chart below confirms price is in a Bullish trend and we have a key support area at $2800.
As long as price continues to create higher highs we will be looking to add further buy positions.
Remember the Non-Farm Payroll is due this week on the 7th September 2018, so we will add a trailing stop to minimise risk.
WTI- Crude Oil- Bullish
Western Texas Intermediate Crude Oil has reached a key resistance zone at $70.00 per barrel. We currently have an inside bar pattern formed which confirms buyers and sellers are becoming indecisive.
This week we expect price to pullback slightly before re-joining the Bullish trend. We will wait for price to break out of the resistance zone before considering an entry.
This pair has recently pierced through both the Moving Average and key resistance zone which confirms a new Bearish trend. Currently we have a Doji candlestick which potentially signifies the temporary end of the current downtrend.
We will be expecting price to pullback to previous resistance area which will act as support and continue in the direction of the downtrend.
Coffee has been trading below the Moving Average level for the whole year. Price has attempted to test the Moving Average a number of times but this has acted as great support.
We expect the aggressive downtrend to continue before attempting to breach the resistance zone at $99.
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Happy Trading guys