Australia elected its first female prime minister. Let’s see if a woman can get things back in order. Perhaps other global leaders could learn a thing or two. Looking at the daily chart in August Crude we may get a bounce from here as the trend line that has been in place since mid-May held today. [...]
Third consecutive down day in Crude as the August contract today traded below the 9 day MA for the first time in two weeks; that level is $75.80. There should be some more work on the downside but we would expect buyers to emerge between $73-74. August natural gas is finding support at the 20 [...]
Though we expect no change in rates tomorrow volumes have dried up in recent sessions; perhaps after 2:15 tomorrow investors/traders will be back at work. Crude oil should settle lower again today; on a breach of the 9 day MA at $77.50 expect a challenge of the 20 day MA at $75.50. If our assessment [...]
After making a new high Crude failed and closed almost $2 off its’ intra-day high. We suggest exiting all remaining longs as we suspect a set back. We anticipate a challenge of at least the 20 day MA; in August that level is $75.15. We’re not suggesting getting short but rather moving to the sidelines. [...]
Two sided trade in Crude as prices look to finish up 0.50% today. We have advised clients to exit their longs and expect a $3-5 correction into next week. Ideally we would be a buyer when August was below $75/barrel. We should have some trade ideas next week on September and October contracts. We’re sticking [...]
Indices approach the 50 day MA and then fall apart…that is our prediction. We advised clients to exit all longs in oil today. Inside day and we expect prices to back off…on a $3-5 set back we would re-establish longs. The 9 and 20 day MA’s should serve as solid support; those levels in July [...]
A supportive inventory report aided energy prices today with Crude oil and the distillates putting in another positive showing. We feel prices are overdue for a setback so we advise tightening up stops and lightening up on longs. On a pullback we would not expect much more than $3-5. At that point we would be [...]
Crude is back above $75 for the first time in 3 1/2 weeks advancing for the fourth consecutive session. On the highs prices got within 30 cents of our first target; again$76.60 and then $79 are our objectives. It is entirely possible we run into resistance just above today’s highs so if you have sizable positions [...]
Crude and the distillates were off today but as long as the 9 day MA holds on these three markets we will advise clients to stay long. As we’ve said in recent posts we’re expecting more upside in the immediate future. Our target in July oil is $76.60, $79 and then $81.50. We’re advising clients [...]
We will return Tuesday after the long weekend expecting to see the majority of commodities higher…time will tell. Oil should close about 10% off its lows this week. We expect more upside to come in the weeks to come in Crude, RBOB and heating oil. Some of our clients are back into natural gas; buying September [...]
