What’s Up, What’s Down: Crude and Heating Oil Now in Support Areas
Comments for Thursday, August 12, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
(Today’s report: EIA GAS STORAGE)
Lower to sharply lower closes Wednesday for crude and heating oil along with the rbob and natural gas. The crude, heat and rbob continue to retrace lower along with the falling indices. The crude and heat are now in support areas while the rbob is at the critical lower end of its trading range going back to the middle of June. Gas made its lowest low and close since May 25th still not giving me a signal settled slightly lower after Monday’s sharp drop but holding the lower (440-460) end of a good-size support area. In fact this is its last support area before approaching contract lows! BUY SIGNALS FOR CRUDE AND HEATING OIL. CALL FOR DETAILS!
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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. Email Rick at email@example.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.