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Today's Outlook for Oil and Gold.
Friday, June 25, 2010
by Carol Harmer of Charmer Charts
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WTI Crude Oil failed to make much headway on the topside with 7679 the high. This leaves the market under pressure over the next few sessions to come quite a bit lower. 7520/17 is your first objective. Sellers would be advised to cover to here. You may see small buyers come in, but they will not hold if we lose 7500. A loss of this support keeps the immediate pressure to the downside targeting 7463 quite quickly. Technical indicators do favour a move lower so if buying, keep stops tight. Resistance remains in the 7684/7704 band and only a break above 7720 would negate further downside moves. Gold held 1228 and has come back higher to 1249 with today being at 1244. As we have broken back above 1239 it has taken the immediate pressure off the downside and makes the market now look poised to come back higher. Obviously we have the 1249 resistance to clear prior further gains, but the rejection of the 1224 support yesterday does suggest that the uptrend is back in favour and we can now trade higher. If above 1249 we look for 1254/55 initially. Once we can overcome 1255 there is no reason technically why we cannot trade back to 1266 and beyond. Now this obviously does depend on 1239. If we fail to hold over here then weakness is expected first to 1233/30 then down to 1224 where buyers are once more waiting.
Recent articles from this author
- Todays Outlook for AUD/USD and USD/CAD - Monday, February 06, 2012
- Todays Outlook for Bunds - Monday, February 06, 2012
- Todays Outlook for EUR/USD - Monday, February 06, 2012
- Todays Outlook for FTSE, S&P and Russia RTS - Friday, February 03, 2012
- Todays Outlook for DAX and Eurostoxx - Thursday, February 02, 2012
About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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