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- End of the month trading plan for July 2015 into 1st trading week of August.
Looking for this to retrace to 2100 and then consolidate and move up, or for sellers to take control and move past the support at 2070 and break through to 2050 area close to the 50 moving average. There is some support at this level, around 2070 and we could see a 10 point move up before it reverses and breaks support to return to the 50 moving average.
The consolidation zone from 2050 to 2118 area has been tested on many occasions and the floor has not been determined yet. There has been no real capitulation buying or selling.
We had a higher range for the week with the range moving from last week 35 point range to this past weeks 56 point range. In this type of chop though we must be careful for turn arounds when we get these engulfing patterns because most have only established support and resistance.
Always manage your risk first, and never take a trade you can’t afford.