What’s Up, What’s Down: Energy Sectors Still Appear to be in Long-term Uptrends
Comments for Thursday, August 20, 2009
Looking Ahead to Today By Reflecting Back at Wednesday’s Price Action
METALS
Higher closes on Wednesday for gold, silver and platinum while lower for copper. All of the metals continue to be in uptrends overall but are now toppy and not too far from potential sell signals. Copper and gold had strong rallies off their lows ending up near their highs on the other hand.
ENERGIES:
EIA Gas Storage report released today: Higher to sharply higher closes yesterday for crude and heating oil along with the rbob and natural gas. The energies are still in long term uptrends with the exception of the gas but are toppy with only a weak sell signal for the rbob so far. Also, crude, heat and the rbob are now in resistance areas while natural gas made another new contract low but settled higher this time in reversal type action. Buy Signal for Heating Oil; but Sell Signal for the RBOB.
See 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.