Back to the 20 Day EMA Target We Go Aug 2

Aug 2, 2016: 10:44 AM CST

In an uptrend price typically swings higher then pulls back toward a rising moving average.

Price was held hostage at the highs, trading sideways longer than expected before actually pulling back to a key target this morning.

Here’s the quick update and new focal point for this week:

We’ve been awaiting a pullback to the rising 20 day EMA – currently at 2,151 – and here we are.

With the minimum target achieved on today’s sell-swing, we’ll focus on playing any sort of intraday bounce up away from 2,150 or else a larger swing trade (and intraday bearish strategies) on a future breakdown under the 2,150 level.

If so, look to play toward the rising 50 day EMA near 2,125 (we can see examples of this through 2016).

We’ll be keeping members up to date each day with new updates and active trading opportunities along the way.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Back to the 20 Day EMA Target We Go Aug 2”

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