Rollover In Crude Complex?
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), looks like it has the potential to continue its
rollover out of a Bow Tie (or inverted cup and handles).
For the brave: Market timing signals (e.g., CVR III-Modified) and the reversal
in the index futures on Tuesday suggests that we are in bounce mode. The June
Nasdaq futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) looks most promising here. Just don’t overstay your
welcome, since you are fighting a longer-term downtrend.
Looking Ahead
Yet again:
July beans
(
SN2 |
Quote |
Chart |
News |
PowerRating) have been in a strong trend as of late. They could set
up soon on a pullback.
August gold
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) remains in a strong uptrend. It
could set up over the next few days.
July silver
(
SIN2 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continues to hit new highs. It
too could set up soon on a pullback.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!