What’s Up, What’s Down: Bullish on Crude, Gasoline and Heating Oil

Comments for Monday, February 22, 2010

Looking Ahead to Today by Reflecting Back at Friday’s Price Action


Higher closes Friday for crude and heating oil along with the rbob but lower for natural gas. The heating oil has now joined the crude and rbob with a BUY SIGNAL as these three energies made their highest highs and close in over a month. Gas settled lower again making its lowest low and close in over a month.

Heating Oil Chart


Higher for the Swiss Franc and dollar index while lower for the Aussie and Canadian Dollar along with the Euro Fx, British Pound and Japanese Yen. The euro and franc continue to be in downtrends overall with the former making a new recent low and the latter a new recent low and close. The yen closed lower again making its lowest close since January 13th. On the other hand, the Canadian Dollar made its highest close in a month for the third trading session in row breaking out of its sideways pattern but now in more resistance. After making its highest high in seven trading sessions on Wednesday the pound made its lowest low in since May ’09. This currency remains weak overall. The Aussie Dollar made its highest close since January 25th while at the beginning of a resistance area. The dollar rallied sharply early on making its highest high since July ’09 before selling off to settle slightly lower in reversal type action.

Read the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.

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