AU Ready???

Earlier today I posted my first chart. This is a follow up on the AU trade. I like to locate trends and probable entry points using longer periods, such as the Monthly. The upward trend on AU is clear using the monthly chart. I wouldn't go as far to say that it is confirmed because AU did gap this morning. If you are like me, you trade by the idea that all gaps fill, so I am reserved until I see a higher high and higher low. A retest of the 19MA will confirm the start of a channel to trade around.

Targeting 13.07

Kommentar:

here we are two months into the channel trade which saw a nice little run from 13.00 to 15.00 (15%) and was inline with the January-February Market rally across all asset classes. I anticipate the $13.00 level to show some support, as the general markets begin to show weakness in the near term.

Update to trade to post shortly

Kommentar:

looking for the $13 to confirm a base with sideways action until seeing the Nov 12 - Dec 3 trendline.