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Seems like crude gave bulls a gift yesterday giving them an opportunity to buy in regular session. Now bulls need to make higher lows and higher highs. I like fading the resistance zone, starting small at $53.70 adding small at $53.80 and $53.90. Risking .25 on ave to make .75 on ave. I like buying $52.60 small, risking .20 to make .50.
$54.50 (***) Target 3
$54.20 (*) Target 2
$53.90 (**) Top of Resist Zone
$53.80 (*) First Higher Target
$53.70 (*) Resistance Zone Begins
$53.45 (*) Early Pivot
$53.00 (*) First Lower Target
$52.60 (*) Second Lower TGT + Some Support
$52.15 (**) TGT 3 + Better Support
$51.80 (*) TGT 4
$51.50 (***) TGT 5 + Pivotal Support
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
Hello. Light calendar today. Quiet, buy the dip action in the 30 year overnight. Looking at yesterday’s rally and some overnight follow through, I think bonds could continue to see higher into the FOMC decision.
I am willing to buy lower with smaller size. 148’23 and adding at 148’16. Risking 12 ticks on the ave to scale at 16 and 24 tick profits. I like selling the 149’22 price small, adding small at 149’28 and 150’02 (if necessary) risking 10 ticks on the ave to make 24 ticks.
150’02 (***) Target 3 + Good Resist
149’28 (*) Target 2 + Still in Resist Zone
149’22 (***) First Higher Target + Good Resist
149’09 Price as of this writing (just a reference)
148’23 (**) Early Pivot – Bias Long Above + Short Below
148’16 (*) First Lower Target + Some Support
148’08 (*) Lower TGT 2 + Some Support
147’26 (*) Target 3
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
