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.

Oil, PBR in New Upleg? (by Mike Paulenoff)

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Oil prices pivoted off of key support at 87.25-86.80 last Friday in the aftermath of a decline from 92.58. Strength yesterday and today has the look and feel of a new upleg, which if accurate projects next to 94.60-95.20 — and, if that target zone is breached, onwards to 103-105. At this juncture, only a sudden downside reversal that breaks 87.25 will disrupt higher projections.

The move has benefited the US Oil Fund ETF (USO), as well as Petroleo Brasileiro (PBR), which we've been following. The daily chart on PBR shows the recent pullback from the Jan 3 high at 38.25 to the Jan 10 low at 35.89, which has the right look of a completed correction. Given today's strength, the chart has the look of a new upleg that should take out the prior high at 38.25 en route to still higher near-term target zones.

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Originally published on MPTrader.com.

Triple Peak Pressuring GLD (by TheTechTrader)

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The big picture that is evolving in the SPDR Gold Shares (NYSE: GLD) shows that yesterday's high at 139.00 represented the third failed attempt to hurdle and sustain above 139.00 during the past eight weeks. Today's sharp gap-down open and downside follow-through (so far) leaves behind a triple peak that is putting increasing pressure on the Nov-Jan support line, which cuts across the price axis today at 134.75.

Let's notice that the rising 50-day moving average also is in the vicinity of the near-term support line, at 134.58, which adds more significance to a violation of the 134.75/50 support area.

If 134.75/50 is violated and sustained, given the pressure exerted by the triple peak, it could trigger an avalanche of selling pressure that drives the GLD towards 130.00-129.80 quickly.

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Originally published on MPTrader.com.