Welcome to the video update for Monday, August 3rd. Trader Rick begins with the eurostoxx 50 weekly chart. Price continued higher last week but is showing signs of loss of momentum. See what level to watch on a weekly closing basis that will signal a retracement may be underway. The daily chart shows the first level of support which matches where the lower keltner line is.
Moving to the monthly Canada chart, price is nearing the fib zone of .50 to .618 which may provide overhead resistance. The weekly Canada has the possible dragon pattern. Price moved out of the buy zone and the first target is given to the upside. The daily chart is reviewed also.
Trader Rick goes over the monthly, weekly and daily crude charts so if you trade crude be sure to make notes. Price is in the sell zone on the monthly chart! The importance of the 60 minute chart is also illustrated for intraday traders.
In the euro, take a look at the monthly and weekly charts. The monthly is in the sell zone and the past month was an inside candle, indicating hesitate or loss of momentum. Trend on the weekly chart is up so we do have some timeframe conflict. An ab=cd pattern is discussed on the daily chart.
By the way, if you trade gold futures, remember to move to the December contract.
Trader Rick discusses the weekly bond futures chart. See what candlestick was put in last week.
The NQ monthly shows price in the sell zone but the month was a big up candle. Note overhead resistance levels. The dragon pattern is updated too.
The final charts are the Dow monthly and the ES monthly and weekly charts. Be sure to check them out!
Good trading!
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