Nearby Oil has traversed its Feb-Mar bullish channel again-- to the upside off of Tuesday’s pullback low at $35.96 into $41.00-$42.00 area-- the upper-channel boundary zone.

Let's notice that this new high is unconfirmed by my hourly momentum gauge, which is a warning signal that this week's near-vertical up-move is nearing exhaustion, ahead of another bout of weakness.

Mid Day Minute

In using any portion of MPTrader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. MPTrader (www.mptrader.com) is published by AdviceTrade, Inc. and MJP Market Strategies, Inc., both of whom are publishers. The Web site is maintained by Codexia, LLC and has a marketing affiliation with The Technical Trader. None of these firms or individuals is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Mr. Paulenoff's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Paulenoff's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions and Mr. Paulenoff and employees of AdviceTrade do not have personal positions in instruments mentioned on the site. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results. MJP Market Strategies, AdviceTrade, and Codexia cannot and do not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading index futures can be substantial. You should therefore carefully consider whether such trading is suitablef or you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this service and anytime after ending the service, you agree not to hold any employees of MJP Market Strategies, AdviceTrade, or Codexia or the companies themselves liable for trading losses, lost profits or other damages resulting from your use of information in MPTrader in any form (Web-based, email-based, or downloadable software), and you agree to indemnify and hold MJP Market Strategies, AdviceTrade, and Codexia and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising from your violation of this agreement. This paragraph is not intended to limit rights available to you or to us that may be available under the federal securities laws.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD pares gains to near 1.0850, focus shifts to US ISM PMI

EUR/USD pares gains to near 1.0850, focus shifts to US ISM PMI

EUR/USD is paring back gains to trade near 1.0850 in the European morning on Monday. Softer US monthly Core PCE inflation data and hotter-than-expected Eurozone HICP inflation data help the pair to stay afloat amid a better market mood. US ISM PMI holds the key. 

EUR/USD News

GBP/USD consolidates around mid-1.2700s, downside seems cushioned amid softer USD

GBP/USD consolidates around mid-1.2700s, downside seems cushioned amid softer USD

The GBP/USD pair kicks off the new week on a subdued note and oscillates in a narrow band, around mid-1.2700s during the Asian session. The downside, meanwhile, remains cushioned in the wake of a modest US Dollar weakness, weighed down by signs of easing inflationary pressures in the United States. 

GBP/USD News

Gold focuses on daily close below $2,330 and US ISM PMI

Gold focuses on daily close below $2,330 and US ISM PMI

Gold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing. Gold price fails to find inspiration from broadly softer US Dollar and negative US Treasury bond yields.

Gold News

Week ahead: Altcoins likely to bounce due to short-term bullish wave Premium

Week ahead: Altcoins likely to bounce due to short-term bullish wave

Last week was a bummer with Bitcoin price consolidation, and altcoins movements showed confusion in their directional bias. Some altcoins saw bullish, impulsive moves, but most trended sideways or slid lower. 

Read more

Bumper week of event risk ahead

Bumper week of event risk ahead

Featuring two central bank updates – the Bank of Canada and the European Central Bank – a slew of job numbers out of the US and Aussie GDP growth data, the first full week of June is poised to be eventful.

Read more

Majors

Cryptocurrencies

Signatures