Correction Or Continuation For Crude Complex?
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.
The May crude complex, unleaded gas
(
HUK2 |
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Chart |
News |
PowerRating), heating oil
(
HOK2 |
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Chart |
News |
PowerRating) and
crude oil
(
CLK2 |
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Chart |
News |
PowerRating) all formed Trend Knockouts on Thursday. Just make sure you
honor your stops since they may be prone to a more meaningful correction.
May copper
(
HGK2 |
Quote |
Chart |
News |
PowerRating) is in it first pullback since its breakout. The fact
that it is finding support in the area of this breakout suggests that it has the
potential to continue higher.
Looking Ahead
In the meats, April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) and feeder cattle
(
FCJ2 |
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Chart |
News |
PowerRating)
continue to probe lower while bellies
(
PBK2 |
Quote |
Chart |
News |
PowerRating) began to bounce. Once again, they could set up soon
on pullbacks.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!