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Weekly Market Outlook (13th July)
Recap of last week:
- As discussed - US Oil has found its bottom of wave 3 and is currently playing in Wave 4
- US 30 / 100 - Maintaining its buy on dip structure had a difficult midweek but recovered
- Gold and Silver bot started the week off ok but bearishness soon kicked in with both commodities showing a sell off during the week
Factors for this week:
- Wave 4 is well and truly on for US Oil. I expect it to continue in Wave 4 with the coming week with the current swing high being wave A of 4 (76.08) Prices could look to reverse around 78 - 80 levels. before we see a Wave 5 beginning. Wave 4 could take some time and I do not expect it to finish in this coming week.
- US30/100 - still in buy on dip mode. I see that both indices are absorbing any selling coming their way and are managing to protect important levels. If they manage to sustain at these levels we are looking at them beginning the next rally soon - possibly from the very start of next week.
- Gold and Silver - Both commodities showed weakness last week but not enough to fully push them into the bearish scenario. This week holds to be important too and will determine if gold and silver are looking to create a base at these levels OR a much lower low is getting ready to form.
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Weekly Market Outlook (13th July)
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