What once used to be support now becomes resistance.
*** 2 trendlines resisting bounce.
A) Support turned resistance @1.07xx
B) Support since March 2015 turned resistance one week ago.
Lots of confluence here guys, I would've taken this trade today if my broker Questrade weren't such incompetent losers that forced me to shut down my account.
One last upward breakout until Gold comes crashing down? Although most data suggest that the Feds will be raising interest rates this month. I somehow feel like Yellen is reluctant drive down corporate America (surprise surprise) and will be giving them one last ride until December.
$UWTI and $DWTI are opposite funds that track the same commodity. I analyzed both and came to conclusion that $UWTI is trending bullishly. Secondary support level (dotted line) have been tested several times within the last month or so. So that's where I decide to put my stop loss.
