What’s Up, What’s Down: Little Change for Oil Futures

Comments for Thursday, October 15, 2009

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


Higher closes Wednesday for crude and heating oil along with the rbob while lower for natural gas again. The crude, heat and rbob continue to look higher making all making new recent highs and closes now either in or near resistance areas at this time. The natural gas, however, after a failed bull pennant last week closed lower actually now forming a potential top.

Light Crude Oil Chart

Natural Gas Chart

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.

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.