SXY should exceed $1 were POO to overcome previous resistance and go above its 200 day Exponential Moving Average IMHO. Its previous sub 40 cent resistance looks like being beaten along with the current POO where the 14 day RSI is bullish IMHO.
SXY is well suited for POO going through the $51s uptrend and taking out the $50s resistance as a great technical level.
With Presidents Xi and Trump meeting, their ability to agree on how to stop North Korea landing one on North America will undoubtedly impact on how POO will play out. Above $60 to the upside will mean SXY could break new highs with EIM sitting alongside.
Well geared to a new move higher IMHO and well suited for a good risk return trade.
The momentum appears to be well positioned to permit further strength in the SXY SP above 40 cents well off recent lows.
Newsflow appears compelling. POO next to U3O8, Au and Fe looks compelling and set to stand out.
The EIA Crude Oil Stocks Change later this afternoon could set the stage for signficant upside in SXY IMHO but pls DYOR.
SXY Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
