The Potential Breakout Level In Oil
Crude-oil futures rose Wednesday as OPEC reiterated its determination to
maintain its output cuts, despite Iraq’s sanctions, and as oil workers in
Venezuela continued to strike.
This morning on the New York Mercantile Exchange. May crude-oil futures
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oil then reversed and rallied up past its resistance at 27.16. The May contract
for crude oil traded near the highs for a couple of hours then settled at $26.13
a barrel up .31 or 1.20%. On the daily chart, May crude oil has resistance at
around 26.50 and a secondary resistance level at 28.00. Support is around 25.00.
May crude oil is pulling back from the highs, so a break above the 26.50 level,
could be a potential setup point.
May unleaded gasoline
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0.5 cent to 83.44 cents a gallon; May natural gas
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cents to $3.18 per million British thermal units and May heating oil
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Precious metals were trading mostly higher.
June gold
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level yesterday opened lower at the beginning of trade today. Gold looked pretty
anemic for most of the session. Then at about 12:15 PM EST, June gold broke
above the 300.00 level and rallied to close near its highs at $302.50 an ounce.
A $3.00 or 1.00% gain. June gold has resistance at 305.00.
Last night in Dave Landry’s,
Futures Trading Outlook article, Mr. Landry talked about June gold and
said it looked like it had the potential to break out of the cup and handle
pattern it is forming.
May silver
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bullish move and rose 7.00 cents to $4.628 an ounce. May copper
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lost .25 to close at 72.45.
The government’s estimate of a decline in U.S.
winter-wheat supplies helped send wheat futures higher on the Chicago Board of
Trade. Wheat prices rose after the U.S. Department of Agriculture lowered
its estimate for winter-wheat stocks by 8 million bushels. Overall, the
government now estimated season-ending stocks at 733 million bushels– way down
from last year’s 876 million bushels but in line with the latest expectations.
Wheat for May delivery
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bushel; May corn
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a twenty-day low and a
Potential Turtle Soup candidate, and May soybeans
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fell to $4.60 a bushel.
Precious metals were trading mostly higher. June gold
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which dipped below its $300.00 an ounce support level yesterday opened lower at
the beginning of trade today. Gold looked pretty anemic for most of the session.
Then at about 12:15 PM EST, June gold broke above the 300.00 level and rallied
to close near its highs at $302.50 an ounce. A $3.00 or 1.00% gain. June gold
has resistance at 305.00. May silver
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move and rose 7.00 cents to $4.628 an ounce. May copper
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.25 to close at 72.45.
Blue-chip stocks jumped higher Wednesday, with a rash of bargain-hunting and
some reassuring earnings news from market titans Sears Roebuck
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DaimlerChrysler
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The June Dow Jones Industrial Average futures
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165.00, or 1.61%, at 10387.000.
The June Nasdaq 100 futures
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pulled ahead 9.500, to 1365.500.
The June Standard & Poor’s 500 futures
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to end at 1132.000.
Bond prices fell and the dollar was mixed.
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