Juice Showing Canned Signs Of Momentum
Orange
juice
(
OJN1 |
Quote |
Chart |
News |
PowerRating) is showing that it could rotate into a momentum pulse.
Since its lows at the end of April, juice has shown several thrusts, laps and
gaps off its lows. Prior to yesterday’s selloff, the contract had four
consecutive up bars in another sign of momentum. Today’s expansion-bar up turns
around yesterday’s expansion-bar down in a reversal of a potential reversal, a
very constructive sign. Juice is up 3% or 2.60 at 81.75.Â
T-bonds
(
USM1 |
Quote |
Chart |
News |
PowerRating) tagged, but have not followed through on their touch of
their
Pullback From Lows setup.
Look for consistent intraday closes below 99 22/32 for confirmation of a test of
the May 15 low.Â
July crude oil
(
CLN1 |
Quote |
Chart |
News |
PowerRating) is
exploiting the gap down left yesterday and following through to the downside in
its biggest down day in a month. Look for support in this contract in the 28.10
to 28.30 area, which coincides with the 50-day MA and 50% retracement of its April-to-May run.
Crude is slipping as
unleaded gasoline
(
HUM1 |
Quote |
Chart |
News |
PowerRating) falls after tagging a new contract high of
1.1750. Unleaded has has slipped .0119 to 1.1470. As many as 30% of Americans
have said they will scale back summer driving due to higher gasoline
costs.