I think that Patricia Elbaz MSTA just might be IG TV host Jeremy Naylor’s teacher’s pet. In his own words: ‘’through an interesting summer…and a difficult time ahead, it’s back to school’’ – especially for Patricia who lectures at several UK higher educational institutions.
She kicks off with cable – which I must say, has been a bit more more interesting this week (because of or despite Boris) – and one that her clients abroad are especially confused about; I think we all are too. I like the way she measures basing activity, in stages, observing and re-gauging as necessary, saying that ‘’a base might be coming on’’.
Dollar/yen and Brent Crude futures are, according to her and most chart observers, in sideways bands, which again might just be a slightly unconventional attempt at basing. Interestingly she uses a combination of 20 and 200-day moving averages for the euro/dollar daily chart.
She moves over from daily charts to a longer term one to illustrate gold’s record high and it’s retracement resistance levels. In this example I must quibble with her use of ‘trend line’ – a horizontal line which starts in 2016; this cannot be a trend, because it goes sideways. And in fact this chart level – which was resistance and in theory should now be support – started in 2013. Back to the drawing board?
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