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Chart Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – October 19th to 23rd, 2020
S&P 500 (Cash) – Looking to buy on a retracement whilst 3430 support holds.
Short Term Trend: Bullish
Short Term Key Levels: 2800, 2970, 3140-50 area, 3210-30 area, 3290, 3398 to 3430, 3500, 3585.
Price Action Signals: Bullish Pin Bar signal formed mid last week (event area)
Potential Trade Idea: Considering longs from within the range of the recent Pin Bar signal (event area), whilst 3430 short term support holds, targeting 3586 (old high).
GOLD (Spot) – Looking to trade the Inside Bar break down.
Short Term Trend: Slightly Bearish
Short Term Key Levels: $1560, $1640, $1670, $1790, $1816, $1866, $1905 to $1915, $1980, $2000, $2070
Price Action Signals: Inside Bar Pattern formed mid last week.
Potential Trade Ideas:
1 Considering shorts on a break down of the Inside Bar pattern. targeting $1790 initially.
2 Considering longs on price weakness and after a price action buy signal around the key $1790 support level (prior major level), in anticipation of a bounce back to the $1905 and potentially higher to $1975-$2000 area)
CRUDE OIL (Futures) – Looking to buy on a retracement of the Pin Bar signal whilst $38.60 support holds.
Short Term Trend: Neutral
Short Term Key Levels: $28.60, $34.50, $38.60, $41.50 to $42.50 area, $43.50, $48.50.
Price Action Signals: Bullish Long Tailed Pin Bar signal formed mid last week.
Potential Trade Idea: Considering longs from the Pin Bar signal, only after a 50% retracement, whilst $38.60 support holds, targeting $43.50 (recent high).
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.
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