Implosive Implosion
Moving radically out of its Pullback From Lows
setup, Implosion-5 List
leader
unleaded gasoline
(
HUQ1 |
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PowerRating) tagged a contract low at 73 cents. The
.7300 area also coincides with a measured move out of the contract’s bigger-picture head-and-shoulders top. This is a good place for a bottom and a test
back to the neckline back around .8400 (basis August).Â
Inventories have risen more quickly than expected: yesterday’s API showed that gasoline inventories rose for
the 10th consecutive month.Â
August crude oil
(
CLQ1 |
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PowerRating)
is also lower out of its Pullback From Lows
setup on the API’s building inventories.
Also from the Implosion-5 List
in the energies, natural gas
(
NGN1 |
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News |
PowerRating)
continues to implode. Its fractal head-and-shoulders top implies a measured move
down to 3.000, using traditional measuring analysis.Â
The
British pound
(
BPU1 |
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Chart |
News |
PowerRating) has recovered all of the losses it sustained
during the Blair election landslide and fear that Britain will quickly adopt the
single-currency euro. Today’s outside bar out of its gaps, laps, and expansion
bars off the low sets it up to test the top of the spring range.Â
Japanese yen
(
JYU1 |
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Chart |
News |
PowerRating) is logging another volatility compressing,
small-range day near its recent two-month low. This futures also triggered today
out of a Pullback From Lows
setup.Â
Canadian dollars
(
CDU1 |
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News |
PowerRating)are
on the Momentum-5
List.
Orange
juice
(
OJU1 |
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Chart |
News |
PowerRating) is doing a same day Turtle Soup at the low and has
taken out the past five day’s ranges. Look for a close above the midline for a
possible test of the 6/13 gap back at 82.