MAY 17, 2021 — MONDAY AM
The ES and NQ are seeing a modest pullback ahead of the RTH open, which could offer an opportunity for bulls to defend for a shot at new highs later in the day. Bulls need to be able to defend yMID and close above this level today for a shot at strength later in the week. Crude Oil remains within a bullish trending channel, but is also building energy within a narrow trading range. Look for an upside breakout ahead, with a shot at reaching our 67.98 target soon. Gold has finally reached the bottom end of our target zone at 1850 today, and still has a shot at 1874 ahead. Any pullback into 1800 could still offer a buying opportunity for a shot at 1900 and higher.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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