Commodities closed mixed Tuesday, with energy trading higher while precious metals chopped around in negative territory. Crude futures priced a barrel of oil at $99.99, up 62 cents; gold futures for February delivery fell $10.00 or 0.8 percent, to $1,241.80 an ounce.
Speaking of energy, Western Refining (WNR) was a notable winner in Tuesday trading session, jumped 2.86% to 40.58. This is bullish from a technical perspective. In fact, as the chart below indicated, WNR could climb above 47 to test key technical resistance after the downward trend halted. Just so that you know, initially profiled in our October 31, 2013 “Swing Trader Bulletin” WNR had gained more than 22% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for WNR. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Western Refining (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates WNR as a Buy. Over the past few weeks, WNR had been trending lower in a short-term corrective mode as traders digested the November massive run. The January correction tested and respected support at the trend channel moving average (as represents by the white line in the chart). Tuesday bullish breakout had helped clear resistance at the early January falling trend line, indicating that WNR might have switched to a rising trend…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
Subscribe to CEM News to receive more in-depth research from Capital Essence.
P.S. Take advantage of the 30 days special trial [new member only]. Join a small group of elite traders and receiving these daily trading ideas by click here to subscribe.