Disclaimer: All information shared is solely for learning purpose and it does not constitute to a buy/sell call.
To receive regular updates on latest news affecting the market, please join us in our ever-growing Telegram group @ http://t.me/Investwhizz
(Due to the increase in number of spams/bots, any new joiner to the ever growing telegram group will now have to be screened and selected by Investwhizz team)
Market updates 12th Jul 2020:
Key companies to look out for on earnings releases:
Credits: Earnings Whispers
Gold trading plan:
Similar to last week’s view, I am waiting for pull back before adding positions. Do refer to 4 hours chart on the potential support level of the pull back.
It is also important to monitor the price action in case the trend is broken.
Note: MACD, RSI are still trending up
In trading, please do not FOMO (Fear of missing out) – As seen recently (and many times in the past), before any large up move, market would generally test for support before going up. Hence, opportunities would come.
In daily chart, the trend is still on the uptrend.
Do take note in case the trend changes.
MACD and RSI have slightly weaken (but still in positive momentum).
4 hours Chart:
We are currently at Wave 5.D as seen in the below chart.
As mentioned last week, I am not adding more position unless pull back is seen.
At the 4 hours, I am seeing potential opportunities for a pull back support to be forming at around ~1786 range. Should support comes in, it may be a good risk to reward trade for long.
As no charts are guaranteed sure win, I would be having a stop loss at around 1,770 range (+/- 5 for margin of error).
As no trading/investments are guarantee sure win, please do your own due diligence and always look at risk to reward and trade with guaranteed stop loss.