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.

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.