MBWealth’s Commodity Blog

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Apparently when traders came back from lunch they found something the liked reversing indices and taking prices higher. The key will be if we have a solid close and follow thru in the coming sessions. Higher high and higher low with Crude finishing just over 1% higher in today’s session. As we’ve said in recent [...]

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Please click on spreadsheet to view and zoom to 100% Energies For the last six weeks Crude oil has been in a $10 trading range and as of the close last week prices are just about in the middle of that range trading at $76/barrel on the front month. We suggest buying dips near $73-74 [...]

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 [...]

Please click on spreadsheet to view and zoom to 100% Energies Crude oil prices dropped nearly $7/barrel last week and could challenge the lows from late May. We don’t read too much into the sideways action in the last five weeks and instead view it as a trading range. As position traders well know there [...]

What excuse will be given for a disappointing number tomorrow? Heading into a long weekend tomorrow’s jobs number will likely have a greater impact than normal.  Crude oil has fulfilled our short term targets having dropped 8% in the last four sessions. We are not advocating longs yet but would suggest those short to trail stops down. [...]

Though Crude held the 9 day MA we did not like the price action. Those long could stay long but we suggest trailing stops as a settlement below $77.70 on the August contract signals a break lower. We advised our clients who were long to exit at a small profit and move to the sidelines. [...]

Please click on spreadsheet and zoom to 100% Energies Crude reversed direction last week closing near $79/barrel and breaking out of the descending triangle that buoyed prices since the beginning of May. It could be on technical buying as the 20 day MA supported last week though tropical storms heading towards the gulf may also [...]

Please click on spreadsheet to view and zoom in on reader if needed Energies The trend in recent weeks has been up and though we feel that it will continue we’re expecting a $3-5 set back in Crude oil in the immediate future. In the August contract we expect $79 to act as solid resistance, [...]