8 Trades for Friday | SchoolOfTrade Newsletter 05/26/16
Crude Oil is bearish and trying to finish rotation off the highs of a bear channel this evening but major support levels are getting the way which tells us to look for a 'trap high' for the most reliable selling opportunities tomorrow. E-mini S&P is still trading inside the same range from yesturday, and with a recent failure at the low we now expect the 'pendulum swing' to take price back back to the highs and targeting the next expansion level overhead. Gold is bearish and trying to finish a move down to a wedge target below but an overshoot of a channel low tells us to look for a short-term correction up off the lows for the most reliable selling opportunities tomorrow. Euro is bullish and trying to finish rotation back to the highs of a bull channel and a recent micro-channel tells the bulls to look for a pullback for the most reliable buying opportunities before we get to the targets above.
