Originally published on MPTrader.com.
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.
Harry Boxer’s Charts of the Day (Longs & Shorts)
Originally published on TheTechTrader.com.
Bullish Inflection Point for PBR (by Mike Paulenoff)
There are multiple technical reasons that suggest PBR is at or very near an important bullish inflection point: First, the June 28 low at 17.27 has the right look of a completed downleg off of the Feb 8 rally peak at 32.60. Second, the June 28 low also coincided with a higher low in weekly RSI momentum compared to the lower momentum low recorded in May 2012, which was higher than the lowest momentum low recorded in October 2011 (when NYMEX oil hit its low at $74.95).
All of this warns us that selling pressure is waning and that the price structure is vulnerable to an upside squeeze if prices climb above 20.70/90.
Lastly, all of the action since the October 4, 2011 low at 20.76 has the right look of an unconfirmed lower-low that concludes the ENTIRE stair-step decline from the Dec. 2009 high at 53.46. Notice that the most recent low at 17.27 is attempting to build a 6-week base ABOVE its lower channel lines amidst a very positive momentum set up.
To trigger initial bullish signals, PBR must hurdle resistance at 20.00-20.20.
It just so happens that earlier this morning, Brazil announced that it has discovered oil and gas in the Amazon, which is a two-edged sword at the moment — good for PBR but only if domestic and global demand strengthens. Perhaps my technical work suggests that PBR is cheap now, relative to its asset base, and after a 3-1/2 year bear phase, is starting to discount the next upside phase?
Originally published on MPTrader.com.
Wave Count on AAPL (by Avi Gilburt)
As I published over this weekend on ElliottWaveTrader.net and MarketWatch, our count seems to be following through quite nicely. Although we did expect more of a pullback on AAPL for its wave 2, it only provided a very small consolidation before it took off towards our next targets of 606 (1.00 extension) or 615/616 (1.236 extension).
We will then expect a pullback which should maintain support over the 597 region, especially if the 616 level is hit, and then rally again towards out next higher target region of 622-631. Ideally, AAPL should be there by the middle to the end of the month, if not higher if AAPL enters into the type of extensions that we have seen in the past.
Originally published on ElliottWaveTrader.net.
Junior Gold Miners Catching a Bid (by Mike Paulenoff)
Could it be that finally the under-owned and despised gold miners are catching the elusive bid? Could it be that the miners finally are playing catch-up with the relative strength of bullion — in an economic environment that still requires central bank printing presses to work 24/7 to elicit a glimmer of growth?
Although the Market Vectors Junior Gold Miners ETF (GDXJ) must hurdle and sustain above heavy resistance between 20.50 and 21.55 to confirm that a major bottom has been established, the May-June basing action has the right look of something "special" in its early stages.
Originally published on MPTrader.com.
