Welcome to the video update for Monday, Sept. 14th. First chart up is the weekly gold chart and watch Trader Rick determine overhead resistance points based on fib extensions. Friday’s close in gold was the highest since early 2009. Daily chart shows price breaking out of a triangle.
In crude, price put in an inside week on the weekly chart, indicating hesitation. The daily crude chart shows a conservative 9/30 that was triggered on Friday. Price action shows the trend is still up tho.
Trader Rick updates the trading range on the 60 minute bond chart. Price is now testing the overhead resistance. Be careful taking setups within a trading range!
In the euro currency, price is approaching the D target on the weekly chart where we have a ab=cd pattern. No divergences on the daily euro chart. See where support may come in.
In the NQ, price closed on a weekly basis at it’s highest level for 2009. The dragon pattern is still in play. No signs of price rolling over to the downside. On the daily NQ, watch for a 3 candlestick pattern that is discussed in this video update. May be significant.
Last chart is the ES and Trader Rick starts with the weekly where this last week price closed at its highest level for 2009. On the daily, watch for a 3 candlestick pattern on a closing basis.
Good trading!
[flashvideo width=550 height=413 filename=http://videoupdates09.s3.amazonaws.com/videonewsl091309/videonewsl091309.flv /]
Leave A Reply (No comments So Far)
No comments yet