27th November 2023
Tech stocks look extended as GOLD attempts to break a huge monthly range & XLE attempts a daily pivot into an uptrend. Meanwhile, SQQQ is set up for a 65 minute pivot. All of which would instigate a pullback is the most likely outcome.
With that said a few nice setups are out there.
Gold Futures, XAU/USD is a monster weekly and monthly setup. We’ve seen this before and it’s failed multiple times. Yet a strong push through 2,080 could trigger an enormous move after a 3 year range build. Daily areas of focus are 2,008 and 2,020
$ENVX – Pullback and tight range against that key $10.70 level.
$KRE – Lovely daily setup, nice first leg and tight range.
$MSOS – Super nice range build in the cannabis sector, ETF looks great.
$PINS – Nice weekly range after the huge weekly thrust from EP.
$U – A mega reclaim from its EP but can it move if QQQ pulls back. The buying would need to be obvious and clear.