Welcome to the video update for Monday, November the 8th. First chart is the EUR/USD pair weekly where we saw price last week move higher but sellers stepped in, evidenced by the selling shadow on the candle. Last weekend’s video update showed two possible patterns developing on the daily chart. Which pattern prevailed?
Trader Rick looks at the crude daily chart where price continued higher last week, finishing the week trading outside the upper keltner channel. The weekly chart shows price is testing previous resistance just above the 87 level. Note last week’s candle was a wide range candle so do not be surprised if we see some price consolidation here. Or price may blast thru the 87 level.
In the stock indexes, the first chart is the weekly ES where we saw price move sharply higher, taking out the swing high from April 2010. Which index did NOT take out it’s April highs? Trader Rick finishes up with the 203 minute chart and the 60 min ES chart where near term support can be seen at the 1215 area.
Good trading!
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