Another Leg Up For Crude?
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating), mentioned recently, appears to be attempting to rally
out of a pullback. This action suggests that it is resuming its choppy uptrend.
June crude
(
CLM2 |
Quote |
Chart |
News |
PowerRating) appears to be reversing after tailing down into its
recent high-level consolidation (cup). This action suggests it has the ability
to resume its longer-term uptrend.
Once again, for the aggressive, the index futures still haven’t shown they
then have the ability to continue their up move from lows. This action suggests
that they remain vulnerable. Wait for timing sell signals if you are a more conservative trader.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!