Technicals on the daily chart show ADX at 47.3 reflecting a very strong trend with the signs of strength developing back on July 5, and Stochastics are in deep overbought territory. MACD is bullish. The technical trade set-up was highlighted on the Futures Strategizer at Trends is Futures on July 2 with DI Differential hitting zero and the close that day closing over the 4-, 9-, and 18-day exponential moving averages. Strong signs it was time to look for a long entry.
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On RBOB’s weekly chart you can see ADX rising to 23.6 which is still a weak trend with signs of strengthening as ADX rises north of 20. After last week’s price action Stochastics on the weekly chart have entered overbought territory.
Have a prosperous trading week.
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