Crude Oil On Slippery Slope
Marc Dupee will be out of the office until April
9. In his absence this column is being written by TradersWire’s Duke Heberlein.
April crude oil
(
CLK1 |
Quote |
Chart |
News |
PowerRating) is pulling
back from its recent low following a break of the neckline of a head-and-shoulders pattern. It is also hitting the 38.2% retracement of the leg down.
Look for weakness here, but wait for downside follow-through, for if this is in
actuality a failure of the head-and-shoulders break, we could see a fast move to
the upside.
May cotton
(
CTK1 |
Quote |
Chart |
News |
PowerRating)Â is
continuing to pull back from its recent low.
The Canadian dollar
(
CDM1 |
Quote |
Chart |
News |
PowerRating),
off the Pullback
From Lows List and profiled by Dave Landry in Friday night’s Futures
Trading Outlook, is continuing its meltdown.
Finally, all the stock index futures
continue to pull back from lows. Keep an eye out for downside follow-through for
a shorting opportunity if it presents itself.