Investment Recommendations May 2nd
Oil: Short-Term Sell (Update)
Oil futures, 4-Hour Chart Analysis
Oil attempted another rally on Monday but it failed to reach the $50 level and turned lower once again today. We lowered the stop-loss level on our recommendation thanks to the new short-term swing-high, putting the order just above the $49.30 level.
Longer-term traders could also lower the stop-loss to around the $51 level, as the re-test of the $47 support zone looks more and more likely. The MACD indicator crept back into neutral territory after the consolidation period, and a new swing lower is in the cards in the coming days. The S&P 500 is also below the prior highs, providing a possible long-term short-entry with a favorable profit/risk ratio. The short-term support near the 2355 level serves an optimal initial target while further support levels are found near 2332 and 2319. Long-term traders could set the initial target near the 2300 level
Monero: Short-Term Buy (Update)
Monero, 4-Hour Chart Analysis
Monero hit the target for the recommendation during the weekend at $25.20 before entering a correction. The prior highs held the cryptocurrency back, warning of relative weakness compared to the other coins.
Long-term traders who exited a part of their positions near the target zone could put stop-loss orders near the top of the lengthy consolidation range, at the $23 level. The prior highs might remain in focus this week, as a double-top pattern might be developing in the market.