Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

What Now for Oil, Up 19% Off Aug Pullback Low?

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Look! Oil has climbed above its June-Aug resistance line at $46.10, and at today’s high of $46.46, has climbed 19% off of its Aug 3 corrective low of $39.19.

More importantly perhaps, is that the structure of the Aug upmove exhibits bullish form, which “warns” us that the strength represents the initiation of a new advance within the larger intermediate-term recovery from the Feb low at $26.05, and projects to a minimum upside target of $55.00 in the weeks ahead.

Any forthcoming “digestion weakness” should find strong support at $44.60 to $43.20 prior to a resumption of the move to $55.

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Originally published on MPTrader.com.

Has Crude Oil Reached Near-Term Downside Exhaustion?

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Today’s upside reversal action comes on the heels of a bearish Inventory Report, and from a new low in the vicinity of important, intermediate-term support at $38.90, which represents the 50% retracement level of the entire Feb- Aug advance.

In addition, buying interest emerged at the lower-boundary zone of the June-July down-sloping corrective price channel, classic action into downside channel exhaustion.

Of course, Oil must preserve today’s gains, and follow-through to the upside to confirm a significant turn.

The action so far today is very promising technically– and provides preliminary evidence that Oil has completed the correction of its initial, intermediate-term recovery period.

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Eye on AAPL Ahead of Earnings

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Since its recovery-rally high at 101 last Thursday, Apple Inc. (AAPL) has given back about 40% of the entire up move off of the 91.50 low on June 27.

Key support resides between 97.00 and 95.50 intraday.  However, with earnings due for release after tonight’s close, my sense is that AAPL risk from either side of current levels around 97.00 is 5% to 6%, or 101-103 on the high side to 93.00- 91.50 on the low side in reaction to tonight’s news.

A spike that takes out the upper end of the range will confirm the completion of an April-July base-like pattern, while a break beneath 93.00-91.50 will point towards a full-fledged retest of the May low at 89.00.

full-V0uJMVklXvr47QH0Zh8LfOriginally published on MPTrader.com.

Is Gold Leading Yield Higher

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Spot Gold has hurdled– and is sustaining above– its prior significant rally peak at $1307.40, which has the right look of completing a meaningful April-June rounded-bottom pattern, which, if accurate, indicates that GOLD has entered a new upleg from its May 30 pullback low at $1199.84, which projects next to $1440-$1470.

Only a break below the post-Brexit spike low at $1244.74 will wreck the developing bullish set-up. As for 10-Year YIELD, the Brexit reaction represents the third time in 2016 that YIELD approached or pierced 1.50%, which for the third time appears to be containing a falling YIELD structure.

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