Sweet And Lower
March Sugar #11
(
SBH2 |
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PowerRating) appears to be
completing a double top pattern and is about to test its two-month lows. Traders
will be looking for a bounce, followed by — if the bounce occurs — a possible
attempt at breaking the support. If it does continue lower, its next support
level will be around 6.00. March Sugar lost .34 to close at 6.97, just below its
support level at 7. The drop in sugar futures is due to fears that Brazil will
produce a massive crop this season.
March copper
(
HGH2 |
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PowerRating) has broken out of
a flag pattern. Earlier in the day, copper was trading lower and then it hit its
10-day moving average around 70.65 cents per pound. When the housing market is
in good shape, copper will usually do well. This morning when Alan Greenspan
made positive comments about mortgage rates remaining at low levels, it sent
positive signs in to the copper market.
March corn
(
CH2 |
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PowerRating) bounced off of its
support and then rallied up to close at 209.50. March corn looks to be setting
up a turtle soup pattern.
Two Triple Bottoms and a
Breakout
March crude oil
(
CLH2 |
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PowerRating) and March heating
oil
(
HOH2 |
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PowerRating) are both creating triple bottoms. Both of the oils are
bouncing off their support lines. March unleaded gasoline
(
HUH2 |
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News |
PowerRating)
broke out above its resistance and closed higher to .5789 near its high for the
day.
The March petroleum complex was losing points in
earlier trading because on Wednesday, the American Petroleum Institute reported
a crude oil inventory of 845,000 barrels and a gasoline inventory of 2.131
million barrels, which was more than expected. As the trading session
progressed, investors shrugged off the supply news, which led to gains in the
energies.