Trade Setups For Week of June 9, 2014

Trans Canada (TRP) Bullish Engulfing Trans Canada Corp (TRP), a Natural Gas Utility made a bullish engulfing pattern on Friday June 6th. On weekly chart TRP has been on an uptrend since March 2009. The trend line is conventionally drawn by connecting the lows, which includes the flash-crash low of first week of May 2010. Since June…

Steel Sector Strengthening

Since mid-March steel Market Vectors Steel ETF, SLX, is bouncing off the oversold territory. Now it is approaching the resistance from the down trend-line from the double top made in December. The major holdings of the ETF are: Rio Tinto (RIO), Vale (VALE), Arcelor Mittal (MT), Posco (PKX). Nucor (NUE) and Reliance Steel (RS). All are showing similar…