Oil and Gas falls --> Technical rebound, Stochastics up, price breaks up --> $560 profits
5 min Emini Nasdaq 100
The morning session is undecided but it was comforting that there was some kind of support at 1925... I did not enter the market...
At 14:00, there was a huge white candle coupled with stochastics turning up.. I entered 1 contract at 1937 and another 2 more contracts at 1947 whe price pulled back from the moving averages..
price finally broke through the moving averages... but pulled back sharply with a red candle.... I exited at 1953 with profits of $560.
Fundamentals:
Oil and gasoline futures plunged Monday on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
September oil fell more than $3 a barrel, and gas futures slid more than 10 cents to settle below $2 a gallon. Both contracts extended declines that began Friday after the government issued weaker-than-expected employment numbers. That data added to the sentiment of a series of other government reports analysts say suggest the economy might be slowing.