BY LICIA LESLIE
May 5, 2024
Hi Shoppers,
The SPDR Gold Trust ETF (Ticker: GLD) has formed a dragonfly doji on Friday:
A dragonfly doji is a change in trend signaling candle and it bounced right off the parallel line.
Now we need to wait for confirmation of GLD opening and trading higher tomorrow morning.
If it does I will be shopping for calls expiring May17:
I like the 215 calls.
GLD can trade back up to that upper parallel line at $220.
The 21 day moving average does come in at $216.69 which could provide a bit of resistance.
Use a close below $210.70 as your stop loss.
Trade Review
I told you about the cup and handle formation in Alcoa Aluminium (TIcker: AA) and the United States Oil Fund (Ticker: USO) last week.
Both stocks have traded lower but no trade was made because the signal to hop in is when the stock trades over the rim of the cup. Neither has.
AA looks geared up for another run at it. I am watching it.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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