What’s Up, What’s Down: Energies in Spotlight
Comments for Friday, May 28, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
ENERGIES:
Higher to sharply closes yesterday higher for natural gas, crude and heating oil along with the RBOB. The crude, heat, RBOB and gas made their highest closes in 1 to 1 1/2 weeks just the opposite of yesterday’s action (excluding gas). This seems to be the theme for quite a few markets today! However, the downtrends remain in tack. Crude has resistance around the 7500(July) area and the July gas contact continues to remain basically range bound between 4000 and 4500 since the middle of March.
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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 ralexander@zaner.com.
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