Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The failed break above the February high is a bull trap. We’ve seen this before. In fact, such trade has become standard procedure in this market since 2009. See Friday’s report for more.
-Price is holding trendline support along with the August high. A drop Monday’s low would expose the June high at 1.3415. 1.3520/60 is near term resistance but above there opens up 1.3650.
Trading Strategy: 1.3565 short order was never hit and a return to that level at this point could result in a run towards 1.3650. Sit tight.
LEVELS: 1.3325 1.33851.3415 | 1.3522 1.3566 1.3600
- Basic Materials Industry