First things first: The bounce in the precious metals, yes, has been stronger than expected. But the cycles still point lower into October and gold and silver are now hitting major overhead resistance.
It’s possible we might see one more stab at new highs, but then both metals should roll over to the downside quite sharply.
Now, to a new trade. Crude oil is looking very weak technically:
Notice the failed breakout and the move back into the declining medial line channel. Cycles also support lower prices in the short term.
Recommendation details below.
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For ALL Members: Using 3% of the funds allocated to this service, buy ProShares UltraShort Bloomberg Crude Oil, symbol SCO, at the market. Place a good-till-cancelled protective sell stop at $84.70. |
Note: I will tighten up that stop as soon as possible to reduce risk further.
Hold all other positions and related stops …
Best wishes,
Larry
