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Trading Homework for Trade-date Monday September 16th 2019

It doesn’t really matter what the charts say – Monday is likely to be a news driven day. Saudi oil production has been cut by 50% because of drone attacks on their oil fields. While the actual effect on world oil supplies is likely to be minor, the psychological effects is likely to mean market fireworks.

If players panic, gold and silver will likely have a major rally along with bonds and equities are likely to fall.

Commentary

  • GC: Holding support. Silver broke down on Friday but gold has held so far.
  • SI: Next major support area is around the 17.00 area.
  • HG: Upside breakout. z-day
  • ZB: Weekly grail is below along with support. Any flush lower is likely a buy for a short term trade
  • ZC: At resistance – short.
  • ZW: Upside breakout is still valid – buy flushes.
  • LC: Grail Sale
  • LH: Short any further push up
  • CL: Still in triangle but might breakout given the weekend events.
  • NG: Buy flushes
  • EMD: Stalling at resistance.
  • ES/NQ/FESX – all stalling at resistance.
  • BP: 120 min sell divergences after a big move on Friday
  • MP1: Doji – short break lower.
  • BR: Bear flag – short.
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