This is a sample of Brian’s email newsletter, The Cullen Outlook. This is the Pre-Dawn Update portion for Friday November 14th.
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Last week Friday, we took a look at a few markets that had pronounced trendlines, stochastics and 20 day moving averages worth taking a look at. Today, lets take a look at a few BEAR flags that have formed over the past week!
Bear flag? I like the idea of trying to get short this market if we can see a bit more of a rally OR we see yesterday’s low of 28.00 get taken out. We are seeing a bear flag form after the sell-off last week. With the big range yesterday and lack of price change from Monday, this is my signal to keep my eyes on it! The risk would be above the recent flag and the objective would be down along the trendline, say 26.00?
Bear Flag? We have a similar set-up in the Euro Currency. A clear bear market that has seen some positive price action in the past week. The stochastic has made a nice move but looks like it wants to roll over. The upper range would be the 125.50 – 126.00 level. Taking out the lows would be 124.50 The risk would be a break out of the flag and the objective could be as low as 122.00 Mini contracts (E7Z4) are available and they are 1/2 the size of the standard contracts ($625.00 per 100 point move)
Bear Flag? This chart looks very similart to the Euro chart. I mentioned this market in last Friday’s Pre-Dawn and I think it is worth a 2nd look. Anywhere around the 104.50 level is still in play to get short. The risk would be a break above the 105.00 If adding a 2nd contract is your style, look for the market to take out the 103.50 level.
Have a look at Friday’s Pre-Dawn and the Aussie Dollar entry point. This would be what I am looking for from both the Euro and the Swiss Franc. I am not saying this will happen in these 2 currencies this week, but the Aussie is a great example of the trendline holding. Congrats to those who are along for that ride, you got your move this morning!
This market sold off pretty good last week from the consolidation of 61.50 – 63.00 throughout all of October. The 60.00 level was a pretty strong level of support that I think needed to hold. Now that we have broken through it, I think this would be a great market to get on board with. August and into September it channel traded between 67.00 and 64.00 then it dropped down to the 63.00 to 60.00 level in October…..lets see if there is another channel lower that we can participate in below 60.00
- I will be trying to get short the January Soybeans again this morning as we were NOT filled on our day order yesterday at 10.25 (refer to yesterday’s email for trade idea).
- Keep an eye on January Crude Oil above 76.00 to get short and
- January Soybean Oil if we get back to the 32.00 level to buy a bounce.
- We were a little early when we tried to get short last week, but there was a double top in March Kansas City Wheat at 6.10
- Cattle On Feed is this Friday at 2:00p (cst) after the Livestock close. We are still short December from 170.00
Have a great Wednesday, ring that mid-week bell….call or email in if you want to get involved!
LET’S DO THIS!
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