Oil started the week at $76 and looks to end the week around $76. The trend line that was broken on Tuesday that has previously served as resistance now has become support. Aggressive traders could buy dips that hold that line; at $75.75 in September. It is a positive sign oil held up in the face [...]
Reform is rejected as “Mr. Market” does not like the coming changes. Oil’s performance today was similar to yesterdays with a large trading range; prices closed virtually unchanged remaining above the 50 day MA. Continue to use the 50 day MA as your pivot point; in August at $76.25. We expect oil to trade between [...]
After 6 positive days is the stock markets day of reckoning upon us? A failed rally in crude today though the 50 day MA did support prices; that level in August is $76.45. Aggressive traders use that level as your pivot point. The option spread mentioned in recent posts; the October $80/85 settled around $1700 [...]
If the dollar is moving south and the indices are moving north that is conducive for commodities to trend higher. Crude is above the trend line mentioned in yesterday’s blog higher by over 3% in today’s session. Not to mention a bullish engulfing candle on the daily chart so yes folks it looks like higher [...]
Now with the World Cup behind us traders can focus on the job at hand and get back to business. We expect Crude oil to track higher but the 20 day MA is serving as resistance and I noticed today looking at the daily chart if you draw a trend line down from the May [...]
While there were some commodity standouts as discussed below how about the HEAT All-stars….D.Wade, Chris Bosh and King James. Crude oil has bounced 7% off their intra-week lows and as of this post is at the 20 day MA. We see support in August at $75.50 followed by $74.40. Look early next week for some bullish [...]
As long as indices tread water or move higher money should flow back into commodities and out of Treasuries and the US dollar. Crude followed thru today and now has the 20 day MA in its sights. As we said yesterday as long as equities move higher we think we could see crude appreciate $3-5 [...]
When CNBC is talking about milk futures you must recognize investors are paying more attention to commodities. Solid showing in Crude and the distillates today as prices made a higher low and higher high. As of this post August is running into resistance at the 50% Fibonacci retracement at $74.50. On higher trade tomorrow we [...]
The markets resumed trading today after the long holiday weekend but based on the large swings it would appear that not everybody is back from holiday. Crude oils near $3 trading range has traders still deciding on what direction from here. We would still not rule out a test of the May lows about $3 below [...]
Very suitable fireworks in the markets as we celebrate our Independence. Be safe we will be back Tuesday…enjoy your long weekend. We feel oil could have another 3-4% downside at the most before we get a bounce higher. As we voiced in recent posts we expect the $70 level to act as solid support in [...]
