Channels to watch tomorrow | SchoolOfTrade Newsletter 04/19/16

Crude Oil is bullish this evening, but a big overshoot of the channel high tells the buyers to stay patient for 'bear traps' below the channel lows tomorrow. E-mini S&P is range-bound and trying to finish the rotation back to the highs of the range this evening but a recent wedge tells the buyers to look for a test of the 50% level before buying it. Gold is bullish with a rising wedge this evening but we are currently in 'correction mode' which tells us buyers will be scaling-into new positions at support levels below us tomorrow. Euro is bullish and trading at the lows of the bull channel and trading-range this evening which is a beautiful area for the buyers to start looking for the correct trigger to buy going back to the highs. Read less