Welcome to the video update for Thursday’s trading. Trader Rick covers 3 markets in this update and the first is the Canada weekly chart. As discussed in last weekends video update, price is in the buy zone, and this week as of Wednesday’s trading, price has risen strongly, exceeding last weeks high. Find out what the overhead target is in the Canada. The dragon pattern is very much alive too.
In the crude market, on the weekly chart it will be important to watch this week’s close. Remember that next Monday is the last trading day for the August contract. On the daily crude, note where overhead resistance is.
In the ES, Trader Rick covers the daily and the 60 minute charts. The important level of support at 872 to 875 was tested and penetrated, but the key is price has not closed below this support level. Matter of fact, price has enjoyed a strong bounce to the upside this week. The 60 minute chart is important to watch to keep traders on the right side of the trend. Know where the 60 min is in relation to the keltner channel and it will keep you out of fighting the trend and taking countertrend trades.
Good trading!
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