Last week GMTT covered in “the chart of the day” the following: Wheat, Euro, Copper and XLE.
Let us look how they did and the forecast for this week.
Wheat (MAR) gave a buy signal, and we are now long Wheat from 581.
We expect Wheat to move higher in the near term.
Short term upside targets: 624 then followed by 637.
Suggested sell stop is 595.
The Euro (EUR/USD) is still holding below 1.2220 which is the level needed it needs to trade above to move higher.
As expected, this did not happen, and we can see another pullback.
An intraday close below 1.2050 is the level we are looking for to short EUR/USD.
Copper (MAR) if there is no good close above 3.60, we stick with our forecast for a pullback.
First downside target is 3.43.
XLE is very close to confirming another leg higher, which will still expect to see this week.
To get this confirmed we need a close above 42.20.
The high so far close with a high of 42.08.
Suggesting raising the protective sell stop to 40.02.
In our three weekly GMTT research report we update these sectors and many other sectors with our Thoughts and Trading Entry and Exit Signals.
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