Weekly Review 16-20 Apr 2018 (Stock, Gold, Crude Oil markets) & Bonus Stock ISRG

S&P 500 futures forms a weekly doji candlestick and trades below 10 weeks moving average (MA). The S&P futures broke above 10 weeks MA steadily amid Syria mission accomplished at the beginning of the week but reversed and gave back most of the gain at the end of the week. It is now forming a symmetrical triangle. Breaking the resistance line should provide more upside to the S&P futures.

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Crude oil futures ended at $68.08 after it broke $67.15 resistance handily last week. Remain the same call that there is a high chance for the crude oil futures to move up to the next resistance at around $80. If you have followed my earlier call, you should stay put and enjoy the ride. 

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Gold futures ended at $1337.60. Trader should wait patiently for the price to break above $1366 decisively before considering a low risk and high probability trade  entry opportunity.

Suggestion: Wait for the gold price to break $1366 before setting up a bullish trade.

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Bonus Stock pick – ISRG

ISRG gapped up after posting an impressive earnings last Wednesday with explosive volume. 

Suggestion

  1. Trader can long the stock around $450-$460 with stop loss at $448. No need to set profit target at the moment.
  2. Options may not be ideal considering the wide bid/ask spread.

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