Welcome to the video update for Thursday’s trading. Trader Rick visits the daily crude continuation chart to update the progress of the measured move that may be in play. The measured move target is approximately 65. Since breaking out of a triangle the crude market has been trending higher and this video update shows the current status.
In the euro, Trader Rick takes a look at overhead resistance on the daily chart. What happens if price pushes thru an approaching fib line?
Not mentioned before is the weekly soybean market but Trader Rick points out what may be an important overhead target. Seasonal cycles may be a factor too. If you trade beans, check this chart out.
In the emini, Trader Rick takes a look at today’s action based on the globex 5 min chart. The fib extensions came in to play in Wednesday’s trading and a common chart pattern is in progress. The measured move target is revealed in this video update. A quick look at the daily chart shows what the candlestick pattern was for Wednesday’s trading. Bearish or bullish implications?
Friday will be a shortened trading day due to the Memorial Day holiday in the US. Check the closing times for the markets you trade. Trading will be closed on Monday. Have a safe weekend!
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