Near Term Trend: Negative
Friday’s Close: 0.72135 (- 13)
UPDATE: Over ten weeks ago, we stated, “If you’re bold you could attempt a long side scalp and risk (place stop) just below 0.70610”.
If you acted on our suggestion, you would have had a profit of over 700 points when at that time we cautioned, “If you have multiple contracts, I would book 40% of profits and keep the remaining 60% of your position intact”.
As of this Monday, I would book profits on the remaining 40% percent.
A settlement above .7406 would be the impetus to go long once again (ie. only buy on strength).