Wednesday’s Futures Outlook
In today’s energy markets, the European Union
energy chief will
press
the Organization of Petroleum Exporting Countries
(OPEC) to bring oil prices below $28 a barrel and ensure price “stability,” an
aide said Wednesday. “When the price of oil goes from $17 to $30 a barrel in a
matter of days, it’s pure speculation,” said Gilles Gantelet, the E.U.
Commission’s chief energy spokesman. “In diplomatic terms, we must tell OPEC
that they must intervene to keep prices more stable.” This according to Dow
Jones Newswire.
There was more talk here in the U.S. about how to deal with
Saddam Hussein and Iraq if they do not fully comply with the U.N. Resolution to
inspect for weapons of mass destruction. The tone still makes for a shaky oil
market. Nov.
crude oil
(
CLX2 |
Quote |
Chart |
News |
PowerRating) rose today,
moving up 1.23% to
$29.67 a barrel. This was a .36 gain for crude. Crude’s tone set
up positive
movement for other energy commodities.
Possible
short candidates:
|
|
|
|
|
Dec. cocoa |
possible turtle soup plus |
|
|
|
|
|
|
|
|
|
|
Down
|
|
Possible long candidates:
|
|
|
|
|
|
Dec. wheat |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. corn |
|
|
|
|
Nov. frozen orange juice |
|
|
|
|
|
|
|
|
|
Dec. gold |
Pullback from high |
Up |
break above 322.00 |
Please note that while there are
strong trends, one bar or a series of bars forming a setup can sometimes
indicate a contra move for the next day. This contra move may not be
long-lasting — maybe only for a day or two. Trading with the main trend is
always the highest probability trade.
Use stops on all your trades.