Weekly Review 7 – 11 May 2018 (Stock, Gold, Crude Oil markets)

S&P 500 futures was trending up nicely and ended at 2728. The chances of the index futures breaks the upside of the symmetrical triangle is high next week. Stock trader can initiate long position once the resistance line is broken decisively.

Screen Shot 2018-05-13 at 8.30.45 PM

Crude oil futures ended at $70.51 with increasing volume, up $0.72 from the week before. Do continue to ride the bullish momentum and sit tight with the stop loss. There is no changes to my earlier suggestion here.

Screen Shot 2018-05-13 at 8.32.13 PM

Gold futures ended at $1318.40. There is not much changes to the direction of the gold futures when compare to the previous week. It is still holding well at 50 Weeks EMA. My view remains as I am still bullish on Gold unless it breaks below 200 weekly MA and the lower trending up line (orange line in the screenshot)

Suggestion: Continue to wait for the gold price to break $1366 before setting up a bullish trade. Alternatively, for options trader with neutral outlook, you can initiate a short Iron Condor at 1270 (Put side) & 1370 (Call side) while waiting for either side to break if you don’t have the patience to wait.

Screen Shot 2018-05-13 at 8.32.48 PM

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