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Energy Analysis Report 10/14/19 – Heating Oil…Meet Biodiesel

October 15, 2019 Published by

When I think of Northeast Winter, I think of heating oil.  Growing up in the projects of New York City, each building had these big boilers ground and every so often I would see a tanker truck refilling the boiler.  As I got older finally realized the black plume of smoke I use to see, it was the combustion of the heating oil in the boiler as it was producing steam for heat and hot water.

NOTE: I grew up right there on the Lower East Side of Manhattan.

Now the Northeast heating oil industry is start to put pressure on the state in the New England regional to mandate biodiesel content in home heating oil in an effort to carbon emissions.   This should be an easy victory for the Industry as because a lot of the heating oil used in New England already contains some biodiesel, but its use is not required in every state.

And across the country, they are encouraging Seattle residents to switch to cleaner heating system by implementing a new tax on the sale of home heating oil to the tune of $0.24 / gallon starting 9/1/20.

Heating oil is a petroleum product refined from crude oil. Heating oil and diesel fuel are closely related products called distillates.  Distillation is the process of separating the components or substances from a liquid mixture by using selective boiling and condensation.  I studied chemical engineering in college and can appreciate the massive refiners out there.

Image result for refiners

Refiners who produce heating oil often make decisions about how much to produce based on the price they are paying for crude oil. However, buying your heating oil during the summer months is usually a better bet because prices tend to drop based on the lack of demand.

As the winter approaching, what can homeowners expect to pay for the price of heating oil, lets go to the charts to find out?

Monthly Chart (Curve Time Frame) – monthly supply is at $2.4560 and monthly demand is at $1.6000.

Weekly Chart (Trend Time Frame) – the trend is sideways.

Daily Chart (Entry Time Frame) – the chart suggests to play the extremes, wait for price to get to the daily supply or daily demand before considering a trade set-up

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

XVG technical analysis

October 14, 2019 Published by

XVG seen from the temporality of 1W we can observe a bearish pattern within the major figure where the price has had a long run since 2018, the closing of the previous candle has managed to recover the support located at 0.00000043, if it manages to stay above that level, it is very possible that we see an upward continuation towards the diagonal resistance of the major figure indicated in the chart above by a red diagonal, our first target indicated in the chart is located within the price range of 0.00000090 – 0.0000010808 within the price range of 0.00000090 – 0.00000108.

XVG seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price has broken up the pennant bearish delimited in the chart above by the small red diagonals, after a slow sale, the price has managed to make a retest of the resistance located at 0.00000047, indicated in the graph above by the horizontal black color, so far has marked an HL with the throwback to the support of the blue horizontal in the 0.00000043, so that we can see a next upward movement we need the price to close above the black horizontal, otherwise we could have invalidation.

In conclusion, the price begins to give signal of reversal of trend, just as other currencies have been doing, XVG has fallen a huge percentage during this down season, so many traders may not be very motivated to operate this market, however, the situation could be reversed in a short time if the price remains above 0.00000043 and gets us a new HL above 0.00000047, otherwise, the price should fall towards the 1D demand zone located at 0.00000038, therefore, I recommend to be very attentive to the price action in 1D, this is a risky trade, do not forget to always place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

LINK – Taking a Shot on a Long Trade

October 14, 2019 Published by

Yesterday I discussed Chainlink (LINK) and how $2.50 could potentially act as a support given prior price action.

Just a little trade…

Now that price touched the 10 day moving average after digesting the prior up move I have decided to take a shot and bought 300 coins at 2.56

If you look at the chart you can see we may have a little double bottom intraday as 2.45 was the low of yesterday’s candle and today so far.

I may be jumping the gun as this candle had not closed and anything can happen in the remaining hours, but with a clear exist of 2.45 it was worth risking 10 cents to make 30 or so as the high of 2.98 is my profit target.

It certainly doesn’t scream get long, but it’s a decent enough risk-reward and setup to speculate and try and pickup an easy $100.

This is just my opinion, make your own trades ?

Better Buy: ExxonMobil vs. Dow (Lesser Of Two Evils)

October 14, 2019 Published by

This past weekend I came
across an article on Motley Fool titled,

Better Buy: ExxonMobil vs. Dow

I immediately thought
about the which one is the lesser of two evils…very similar when Hillary was
running against Trump a couple of years ago. 

Image result for hillary vs trump

Nevertheless, I wanted to
get a tidbit from the article before I give you my opinion.

ExxonMobil (NYSE:XOM) is an old hand with a diversified business model. While the name Dow (NYSE:DOW) is old, it’s really a new company today, with a focus on the chemical space. Here’s a few things you need to think about to decide which one of these iconic names is a better fit for your portfolio.

Exxon is working through a difficult period for oil prices and spending heavily to improve its business. It has a rock-solid balance sheet and looks relatively cheap from a historical basis (the yield is higher than it has been in decades). It is hardly risk-free, but it has a long history of success behind it. Even conservative investors would be OK jumping aboard here.

Dow has a great name and solid businesses, but is really a new company today with a very limited history. Its balance sheet isn’t as strong as Exxon’s, but it also isn’t likely to face the same top- and bottom-line swings. That also suggests its target payout ratio is reasonable. However, with little track record, most investors would probably be better off giving the company at least a year or so to get its house in order before jumping on this high-yield stock.

Source

Sector SPDR ETFs have become one of the most popular ways to invest in specific sectors of the stock market. Sector SPDRs track 11 different sectors in the S&P 500.  It’s important to note that 39% of a stock’s move is due to the sector that it belongs to.  The remaining balance is 41% of a stock’s move is due to the index and only 20% of a stock’s move is due to the company itself.

Since May I started tracking the SPDR sectors based on a moving average and a rating system I developed.  It’s been fairly accurate in identifying the strongest and weakest sectors. Please note Exon belongs to the XLE sector and Dow belongs to the XLB sector.

Here are the results from
last week.

Here are the results from
wk of 5/13/19

As you can see, both companies have been in the worse sector five months ago and today. And when I look at the monthly chart for both companies, the chart suggests ExxonMobil will fall to the monthly demand at $68,

while the chart for DOW suggests price will fall to weekly demand at $42.

If I was Motley Fool, I would of probably titled the article, “Better Buy In the Future: ExxonMobil Or Dow” because neither one of them is worth buying at this point.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Cryptocurrency Quarterly Report – Q3 2019 (by CoinGecko)

October 14, 2019 Published by

Hooray, it’s that time of year again!

The time of the next CoinGecko Quarterly Report on cryptocurrencies.

Bit Brain readers may remember that I’ve spoken about CoinGecko Quarterly Reports before. Back in July I wrote this post “Cryptocurrency Quarterly Report” about the Q2 2019 CoinGecko report.

As before, I want to use this post to give you an idea of what is in that report, so that you can be sufficiently tempted into reading it for yourself. Once again I want to start by praising the high quality of the report, and stating what a smashing job CoinGecko does in the cryptospace. CoinGecko remains Bit Brain’s go-to site for general crypto information – especially related to token/coin prices and trading. The reason I use CoinGecko so much is simple: it is the best site.

Remember that I don’t work for CoinGecko, they don’t pay me to write this, and I’m not affiliated with them in any way (not that I would object to any donations *cough cough* ? ). What I write here is thus an honest representation of my findings and experiences. With no further ado, let’s take a look at what can be found in the Q3 Quarterly Report.

CoinGecko Quarterly Report for Q3 2019

Firstly – where do you find it? On the CoinGecko site, click the three horizontal dots in the main links bar and select “REPORTS”. From there you choose the latest report “Q3 2019 Report”, and voilà – the information is yours to absorb!

The CoinGecko team have stuck with the formula of producing something long enough to be complete, but short enough so as not to bore you. As before, this report is comprised mainly of diagrams, charts and infographics, as opposed to boring walls of text. The report is 53 pages long (“slides” is probably a more accurate term than “pages”), of which about 5 pages are non-content intro and outro sections. etoro has sponsored this report, so thanks to them for that..

This report begins with the usual “Founders’ Notes”, whereafter it dives into its first major topic: Market Dynamics.

The Market Dynamics section is ten pages long, and is a must-read for crypto aficionados. Much of the information will be old news to those who watch crypto closely, but even so there is value to be had from seeing this information from CoinGecko’s perspective. Even arrogant people like myself can appreciate an objective and intelligent overview of the crypto market when presented in this manner.

I find that such information helps to put things into perspective and to check that my own predictions are in keeping with a realistic and unbiased view of the future (and past).

The next section of the report deals with CoinGecko’s unique “Trust Score”. While I have already reviewed CoinGecko’s Trust Score in detail, that was during its infancy and much has changed since then. For those who may not know: CoinGecko assigns a score to each trading pair for each cryptocurrency listed on its site. How they arrive at those scores is briefly outlined in this report. They indicate the differences between their new Trust Score 2.0 and the previous Trust Score 1.0, as well as mentioning upcoming features to be integrated into the Trust Score system.

The next major section of the report is dedicated to Derivatives.

Crypto derivatives are becoming ever more popular, especially as crypto companies are eventually starting to get approvals from conservative regulatory bodies such as the United States SEC.

On a personal level I should state that I am not a fan of any form of crypto derivatives and that I don’t use any of them. It’s not that I don’t trust them, it’s just that I am opposed to a system that deals with derivatives as opposed to the underlying assets. I believe that many of the problems of current fiat systems are tied to a runaway derivatives market.

My old-school beliefs aside, derivatives are exciting for crypto and are an indication of a more mature market that should gain more credibility and public acceptance. They also provide new on-ramps into crypto. Much good can come from crypto derivatives, such as greatly increased publicity.

For those who are keen to start trading derivative but don’t really understand them; CoinGecko gives a fairly complete high-level overview of crypto derivatives. You will be introduced to all the major types of derivatives and the terms associated with trading them.

The explanations are very simple and are written for the layperson, so most people should have no trouble understanding them (see the pumpkin-based example below which explains how Futures contracts work).

For more experienced traders there is a “Derivatives 201 – Serious Traders’ Handbook” section. It’s also not rocket science, but explains some of the more advanced terms of derivatives trading.

The Derivatives section of report ends on an exciting note: that CoinGecko is working on their own Derivatives Market tracker (much like their existing coin tracker). If you want to see a screenshot of what it looks like in prototype – then go read the report!

The News section of the report deals with the big news stories of the quarter, just a very short introduction into each. I learnt that I had missed news of a “shitcoin index”. Interesting…

This page dedicated to Binance shows just how much binance has been up to in the last quarter: quite amazing!

I keep suggesting that Binance Coin (BNB) is a really good coin to hold…

I would love to see a similar slide for KuCoin, that exchange has been REALLY active in the last quarter! (How about it next time CoinGecko?)

While you’re out buying BNB (at ridiculously low discount prices right now), you may want to check out some (far cheaper) KuCoin Shares (KCS) too…

The next big section of the report deals with DeFi (Decentralised Finance). DeFi has quickly become a buzzword in the crypto community, though it remains poorly defined and possibly misunderstood.

The CoinGecko Report delves into with DeFi in surprising depth, and should therefore give anyone a very good idea of what it is, why it exists and what it means to the future of finance.

DeFi should be old news to the crypto stalwarts, but will be valuable information to those who have only started learning about crypto this year.

The final main section of the report deals with DApps. A series of tables and charts analyse DApps by blockchain, activity and type. This is probably my least favourite section of the report, because I would like to see more of the big name blockchains added to it. Having chains like TOMO and IOST in the report while excluding chains like NEO, Waves or Cardano makes little sense to me. I know that Cardano is largely a bunch of unmet promises, but it still has a very high market cap. It would be good to include it – if for no other reason than that its over-optimistic bag-holders realise that…

The report finishes up with a brief look at the CoinGecko Changelog platform hosted at Coindesk’s “Invest: Asia”.

Finally there is the usual page with links to their (many) social media accounts. I follow them on Twitter and STEEM and I have an account on CoinGecko itself. I also use CoinGecko API calls for my personal crypto-tracking spreadsheets.

Conclusion

Well done to CoinGecko for producing another very fine market report. For those who haven’t read one before, I suggest you take a look at it. For those who don’t use CoinGecko, I strongly suggest that you do. Since I started using CoinGecko as my main coin tracker (about a year ago), I haven’t looked back.

As we move into the final quarter of 2019, I expect to see the market take its final dip before finally turning around properly. Altcoins are well overdue for some serious attention, and have been heavily neglected and even openly mocked throughout 2019. That situation will not last, and while I think that BTC will have to regain popularity before altcoins do, I think that this final quarter is the period where that process will begin. We should have an exciting Q4 of 2019 – but not nearly as exciting as what 2020 will be… I hope to see some increasingly bullish CoinGecko reports next year!

Yours in crypto

Bit Brain

All images are taken from the CoinGecko Quarterly Report for Q3 2019. Note that Bit Brain has been granted permission by CoinGecko to use their images.

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:




Currency Analysis Report 10/13/19 – Rough Week For The US Dollar

October 13, 2019 Published by

Not only is the world’s
currency the US dollar, but it’s one of three safe haven currencies in the
world (the other two being the Swiss Franc and the Japanese Yen).  And as long as the US economy grows, relative
to other economies and US interest rates remain positive and/or higher relative
to other central banks around the world, the US dollar should continue to
appreciate.

However, late last week we received news regarding the US-China trade talk that Chinese Vice Premier Liu He said China was willing to reach an agreement with the United States to minimize further escalation in trade tariffs. The feeling appeared to be mutual by Trump going into the discussions,

 which was later followed up with Trump said his negotiators reached a “substantial phase-one deal” that will delay the implementation of more US tariffs on Chinese imports. On the news the dollar’s weakness ignited a rally in the euro with the single currency rallying 0.5% to a two-week high. In addition, the British pound rallied after British and Irish leaders meet to have a treaty agreed to allowing the England to leave the EU in an orderly fashion by the end of this month.

As a result of good news on the US-China trade front and a potential amicable Brexit, the dollar had its biggest one day drop in five weeks late last week. So is this just the beginning of a bigger drop for the US dollar, lets go to the charts to find out?

Monthly Chart (Curve Time Frame) – monthly supply is at 101.50 and monthly demand is at 90.

Weekly Chart (Trend Time Frame) – the trend is still up.

Daily Chart (Entry Time Frame) – the chart suggest it’s not time to go short the US dollar and to wait for price to hit 100.25.

However, if price breaches the 98.00 level, the chart could be suggesting to prepare to go short.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

The Sunday Crypto Recap- Down the Rabbit Hole 50

October 12, 2019 Published by

​

Market indecision has been the hallmark of this week’s crypto volatility. Some Alts such as Link made significant moves but the sustainability of these price gains is entirely unproven. As usual, lots more than price discovery going on in this space.The Bitwise ETF was shot down as expected though the firmness of the rejection was perhaps a surprise. The IRS issued draconian tax guidance for US citizens and Bakkt trade volume picked up just a little bit.

Given that this is the 50th edition of this series it’s worth re-stating the goal it strives to achieve:

The purpose of this weekly series is to recap some of the interesting ideas and concepts across a wide range of disciplines which each and every week in crypto seems to throw up. This ‘learners paradise’ is a great space to explore but also asks a lot of those who delve into it.

Got a grasp on basic programming logic, how about Austrian economics, or quantum computing or precisely how hashing algorithms underpin blockchains? Taking a moment to reflect or recap on the recent concepts and ideas crossing the crypto landscape can be very beneficial whether you are a hardcore crypto enthusiast or just exploring a casual interest in the space.

It’s important to note that not every idea here reflects my own bias or opinion. If it’s here, it’s because it made me think.

Picks of the Week

This article on Bitcoin’s security. A forecast into 2020 and this irreverent discussion of BTC.

Twitter

As you can see there really isn’t any basis to pursue crypto:
https://twitter.com/Rhythmtrader/status/1180256599203614722

Bitwise ETF doomed from the start?:
https://twitter.com/Rptr45/status/1182093405297549312

Stacking sats seems to work:
https://twitter.com/matt_odell/status/1182121647928684545

Here’s what interest on 10 BTC amounts to (risk, risk, risk):
https://twitter.com/danheld/status/1136264342612140033

Binance needs to thread softly in China:
https://twitter.com/truthurtm/status/1182304264036601856

Nick Szabo on money/ evolution of the dollar (recommended);
https://twitter.com/NickSzabo4/status/1147723003716751360

EOS needs a well-tested backup plan:
https://twitter.com/ryaneos42/status/1181453142673592321

Sometimes, you just have to enjoy the pain:
https://twitter.com/MoonOverlord/status/1181201267214950402

Tether skepticism is probably a reasonable position:
https://twitter.com/lawmaster/status/1181571057662271488

Articles

An examination of Bitcoin security with particular reference to block subsidies – follow link to download full pdf. (highly recommended):
https://uncommoncore.co/research-paper-a-model-for-bitcoins-security-and-the-declining-block-subsidy/

Bitcoin as freedom:
https://nakamotoinstitute.org/mempool/bitcoin-equals-freedom/

Crypto may benefit from these recent government actions:
https://beincrypto.com/4-recent-government-actions-which-are-bullish-for-bitcoin/

From crypto skeptic to convert:
https://www.afr.com/companies/financial-services/confessions-of-a-reformed-crypto-doubter-20191006-p52y43

More on Mixicles from Chainlink (may turn out o be important):
https://blog.chain.link/breaking-down-mixicles-and-its-potential-to-unlock-enterprise-demand-for-defi-applications-on-public-blockchains/

Features of EOSIO 2:
https://eos.io/news/introducing-eosio-2/

Central bank ‘stimulus’ programmes have real consequences for average people (recommended):
https://mises.org/wire/central-bank-stimulus-really-huge-redistribution-scheme

Even mainstream media is beginning to highlight te high-risk nature of current financial policies:
https://www.theage.com.au/business/banking-and-finance/bankers-have-just-signed-off-on-policies-that-could-increase-risk-of-another-gfc-20191008-p52yl1.html

Podcast

Rough around the edges – lots of profanity and slow to start (skip to 11:35) but full of thought-provoking perspectives on Bitcoin (highly recommended):

​
https://podcasts.apple.com/au/podcast/aleks-svetski-founder-amber-why-bitcoin-price-is-wrong/id1434060078?i=1000452270641

YouTube

Looking into 2020 (highly recommended):

Decoding crypto transactions (highly recommended for folks new to crypto):

Hashing Algorithms and security simply explained dates from 2013 and just as relevant now:

Deep dive into Quant – thorough interview:

Clear, level-headed explanation of negative interest rates and their potential drawbacks:

More on the continuing need for the FED to ‘adjust’ repo rates:

Infographic

Liquidity is king:

https://twitter.com/100trillionUSD/status/1181298109596520448/photo/1

Website / Utility

One of the key figures of the genesis of crypto – Nick Szabo – his work is a literal treasure trove on crypto, money, and economics (highly recommended):

https://archive.is/H8UGk

That’s a wrap. See you back down this wonderful crypto rabbit hole before you know it!

Note on Sources:

Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.

Is Roku’s Reign Over???

October 12, 2019 Published by

Three weeks ago, I write a post titled,

Is Roku’s Reign Over???

Roku remains one of the fastest growing leaders in video streaming technology. Roku has over 30 million active users, about 10% of U.S. TV viewers aged 18 to 34 are now on Roku and these users are consuming more than 9 billion hours on streaming content.

But wait, why is Roku down almost 40% since early Sept?

Apple announced it would be giving away a free year of its new Apple TV+ service to customers who purchase new Apple devices, Comcast Corp. said it will give out its Xfinity Flex streaming box for free to its Internet-only subscribers and Facebook Inc. launched its new Portal TV device.

Price is approaching the monthly demand at $95. The chart suggests to go long once price penetrates the monthly demand.

Ken Griffin is the founder and CEO of Citadel.  If you know anything about Wall Street, then you have heard of hedge fund, Citadel.  The hedge fund manages close to $30 billion in assets and is the one of the largest hedge funds in the world.  

Image result for ken griffin

The guy is doing well for himself.  This past January, Ken bought a New York City apartment for $238 million.  But he felt he didn’t have enough space, so he also simultaneously purchased London mansion for $122 million.  Anyway back to the post as I got sidetracked by his wealth.  

A 13G filing or Schedule 13G is an alternative SEC filing for the 13D which must be filed by anyone who acquires ownership in a public company of more than 5% of the outstanding stock.  And according to a new 13G filing from hedge fund manager Ken Griffin’s Citadel Advisors shows a new 5% stake in Roku Inc.

Macquarie upgraded Roku from Neutral to Outperform on Wednesday.  And on Friday RBC Capital Markets analyst Mark Mahaney upgraded Roku to an Outperform from Sector Perform, boosting his price target by $48 to $155.

I can’t say it enough, so I’m going to repeat what I said in a recent post.

Smart money is capital placed in the market by institutional investors, market mavens, central banks, funds, and other financial professionals. And simple put, they do the opposite of retail investors. For the most part, retail investors buy high and sell low, it’s usually the Smart Money on the other side of the trade who are selling high and buying low.

Taskmaster4450 talked about this yesterday in his post titled, Why There Is No Need For FOMO On Steem

The investing world is full of FOMO (fear of missing out) at times. It is what often drives markets, often to the point of insanity.

Investing is a zero-sum game, so it also drives retail investor to the poor house.

Why do you think Ken took a recent stake in Roku and Roku was upgraded by Macquarie and RBC Capital Markets?  It’s because there isn’t an ounce of FOMO in their blood and because Roku now selling at a discount.  Although I thought the weekly demand would have been a better buy, price reacted to the monthly demand at $95. Thus, the chart suggests price will rise to the daily supply at $148.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

ETN technical analysis

October 10, 2019 Published by

ETNseen from the 1W temporality we can observe how the price 1 month ago broke up the descending wedge causing an impulse of 4 bullish candles, the previous candle managed to close above the resistance located at 0.00000048, indicated in the chart above by the horizontal dark blue color, the closing has been with little volume, but the bulls have managed to mark signal continuation, the current candle is retreating in search of greater demand for the next move, so we should see a retreat into the area of demand located between the price range of 0.00000038 – 0.00000039, in this zone the price could find the necessary demand for a strong rebound of the price, the structure would be forming us a very necessary HL to determine if the price will continue rising, however, the price could also retreat to the zone of weekly demand located at 0.00000033, where the price would make us a double floor on the horizontal indicated in the graph above in black, if the price fails to hold the support and closes below that level, then we would have a new LL to the support located at 0.00000019.

ETN seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price in its retreat has formed a bearish “leg”, so we should one more as a result of that pattern, the key support level is located at 0.00000038, if we get a rebound in that zone, the price should have a strong bullish momentum that moves the price above the resistance located at 0.00000048 to achieve our profit targets, the first profit target is located at 0.00000058, while the second profit target is located at 0.00000070.

In conclusion, ETN has dropped a large percentage since the month of March this year 2019, now the price is showing trend reversal signal, we still need confirmation that the price will form an HL, this would be a great buyback signal to continue to rise, the long-term profit target is located within the price range of 0.00000108 – 0.00000115, indicated in the 1W chart by a light blue rectangle, however, if the price falls below 0.00000033, it is very possible that the price will form a new LL towards the support located at 0.00000019, therefore, I recommend to follow the price action in 1D and always use stop loss in your trades to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Bitcoin Price Clears First Hurdle

October 10, 2019 Published by

Few days back we looked at bitcoin price as it neared the 7400 area again. Since then price got a boost and rallied with yesterday’s candle giving a nice push through the 8400 area, which is where price stalled out on the last bounce.

Ideal situation is we stay above 8400 before making a run at the prior support level of 9400. There are some prior tops from earlier in the year at 8700 as well so we could see some struggle there first.

Patience is Key

Downside remains the same. 7600 area is support. I’m not initiating any new positions here as the upside is nearly the same amount as the potential downside. Still holding my adds from the past couple weeks at 8400 and 7800. 9400 is my first profit target.

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