Market Technician

Price consolidated in a re-accumulation zone within US$50-US$53 since early Aug. Earlier yesterday, we finally saw the price did a breakout (Sign of Strength) above US$53 level, and  closed above US$53.00 on the 4-hourly chart. This gave us conviction that oil  is trading in a Mark Up phase with 1st objective set at US$54.50.  The 1st objective level is set based on a confluence of factors which includes previous  resistance level  and  Fibonacci projection  of 161.80%. Similarly, the 2nd objective is also based on confluence of previous resistance and  Fibonacci projection  of 261.80%. Momentum indicator, MACD, also continue to displayed upward momentum with the MACD trading above zero line. In addition, oil would be trading towards a seasonality strong period bought by the colder weather towards year-end.

Here are behind the scene shooting of Channel News Asia's upcoming reality show, Money Mind Challenge 2017 , where 10 traders compete for the top prize. I'm delighted to came in the show as their Trading Bootcamp Trainer. Great experience to impart the contestants with my trading experience and knowledge. The show is a 7-part series starting this Saturday, 9 Sept, 10.30pm on CNA. Catch it if you can. It was also a great catch up with David Kuo of Motley Fool, Terence Wong of Azure Capital, Fredrick of Channel News Asia and Weiren of iFAST, who are the judges of the show.   Again, wishing the very best to the contestents!  The Trading Bootcamp   Introduction of the Contestents With Dawn Tan From Left: Brandon Leu, David Kuo, Terence Wong, Fredrick, Weiren Lights Camera Action