For tracking purposes, we hold a single contract with a cost-basis reduced by profit-taking to 1174.80. The original four-contract position was purchased off a simple instruction sent out to paying subscribers on Feb 16: “place a ‘mechanical’ bid at 1227.10, stop 1217.40.” As it happened, the stop was never even remotely challenged when the futures swooned to our 1227.10 bid five days later, then turned sharply higher from 1226.80. The price target before we initiated the trade had been 1255.80, but because that Hidden Pivot was exceeded on Friday, I feel comfortable swinging for the fences with the single contract that remains. That implies we’re shooting for the 1281.50 target shown, at least. Note that bulls would still have quite a climb ahead of them to refresh the bullish impulsiveness of the daily chart, since that would require a print exceeding the election night high, 1343.90. If you don’t subscribe, click here for two weeks' free access to Rick's Picks, including daily, actionable 'touts', round-the-clock updates, impromptu tech analysis sessions online, and a chat room that draws experienced traders from around the world at all hours of the day and night.

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 -- Published: Monday, 27 February 2017 | E-Mail  | Print  | Source: GoldSeek.com

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