Crude Complex Still Poised To Rollover
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 July crude complex: heating oil
(
HON2 |
Quote |
Chart |
News |
PowerRating), unleaded gas
(
HUN2 |
Quote |
Chart |
News |
PowerRating) and
crude oil
(
CLN2 |
Quote |
Chart |
News |
PowerRating) remain set up as Bow Ties/Inverted Cup and Handles (or
if you prefer, shorter-term pullbacks from lows). July natural gas
(
NGN2 |
Quote |
Chart |
News |
PowerRating)
has formed a similar pattern.
Repeat market timing signals and the late-day rally in the index futures suggests that we
remain in bounce mode. Therefore, for the brave, continue to look for buying
opportunities in the index futures. Just don’t overstay your
welcome, since you are fighting a longer-term downtrend.
Looking Ahead
July beans
(
SN2 |
Quote |
Chart |
News |
PowerRating) remain in a strong uptrend. They could set
up soon on a pullback.
Although July silver
(
SIN2 |
Quote |
Chart |
News |
PowerRating) and August gold
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) were creamed on
Wednesday, I wouldn’t count them out just yet. Watch to see if they stabilize
(and reverse) over the next few days.
The dollar tailed higher but finished poorly. Therefore, the inverse
currencies could set up again soon.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!