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Market updates 12th Jul 2020:
Key companies to look out for on earnings releases:
Credits: Earnings Whispers
Gold trading plan:
Weekly Chart:
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.
Daily chart:
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.
Regards,
Ernest Koh
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