Weekly Newsletter: May Crude Oil on the Move? & Trading Levels for April 15th
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Cannon Futures Weekly Letter Issue # 1189
In this issue:
- Important Notices – Earnings, Gold all time Highs & More
- Trading Resource of the Week – Trading Videos
- Hot Market of the Week – May Crude Oil
- Broker’s Trading System of the Week – NQ Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices –
-
- Earnings Tues- JNJ,BAC ,Morgan Stanley MS, Wed. -ABT, Thu.- AXP, NFLX
- Econ Data Mon- Retail Sales , Tues Housing Starts, Bldg Permits , Thu. Jobless claims, Existing home sales..
- quiet on the fed speaker front
- No Congressional action to speak of
- The U.S. dollar index this morning forged another higher high and reached the highest level since early November.
- With the June gold futures contract breaking a string of new all-time highs (eight straight days) yesterday, the market is facing the first definitive corrective environment since the middle of last month.
- The bearish sentiment in financial futures (30-yr. T-bond, 10-yr. T-note) is escalating dramatically and could become overdone soon with some chatter in the market suggesting there might not be a single rate cuts this year.
- Crude oil may see support this week from renewed talk of an imminent Iranian retaliation (as per U.S. officials) for the Israeli attack in Syria. U.S. officials have openly suggested Iranian retaliation against Israel is likely soon. Fears of disrupted supply remain front and center.
Trading Resource of the Week: Trading Videos, Instant Viewing
Watch a series of short videos, where our VP, Ilan Levy-Mayer shares his personal preferences and opinions on different trading topics.
· Ever wondered when to exit a trade? Take a look at what Ilan has to share on Bollinger Bands and a study called PARABOLICS
· Some common uses you can make of support and resistance levels.
· Filter out the noise with range bar charts
· “Price Confirmation”
- Hot Market of the Week – May Crude Oil
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
The March 20th Chart of the Day highlighted May crude oil had completed its first upside PriceCount objective. Now, the chart is consolidating after satisfying its second upside PriceCount objective. A this point, IF the chart can sustain further gains, the third count would project a possible run to the 94.82 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
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Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Swing
COST
USD 299 / monthly
Recommended Cannon Trading Starting Capital
$75,000
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Daily Levels for April 15th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.
