Heating Oil Bottoming?
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.
There’s not to much to look at tonight. March silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating) appears to
be a pullback failure. March bonds
(
USH1 |
Quote |
Chart |
News |
PowerRating) appear to be failing in their
handle (and must reverse in order to remain constructive). The March Yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) remains in a solid downtrend but is too oversold to consider. And
finally, based
on the recent choppy nature, I just don’t trust to the indices (other than to do
just the opposite of what I think they should do).
Considering the above, about all I could find of interest was March heating
oil
(
HOH2 |
Quote |
Chart |
News |
PowerRating), mentioned recently. It continues to build a bottom near
life-of-contract lows. If this level continues to hold, it will suggests that a
longer-term bottom may be in place. If you are not a bottom fisher or a
longer-term player, wait for the first rally and pullback before considering an
entry.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!