By Licia Leslie
August 23, 2024
Hi Shoppers,
Crude has just been pounded on since the beginning of July. Here is the crude futures chart:
That red median line has been visited and honored for support four times since December 2023.
The futures are now testing it again for the last two days and look primed to bounce from here.
Occidental Petroleum (TIcker: OXY) has traded down to support also and could be making a double bottom here:
Wait for confirmation this morning of the stock opening and trading higher before hopping in on the long side.
Trade Review
Taiwan Semiconductor (TIcker: TSM) broke through $170 and traded down to $166.06, just like I said it would. I think next stop is $160.75.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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