What’s Up, What’s Down: Mixed for the Energy Futures Market
Comments for Thursday, February 12, 2009
Looking Ahead to Today By Reflecting back at Wednesday’s price action
ENERGIES:
Higher close yesterday for the heating oil and the rbob while lower for crude oil and natural gas. All of the energies continue to look lower with the March crude oil contract making a new contract low and close again and the April a new recent low close. Heating oil looks like it will test its lows but the rbob still looks like its trying to bottom or at least base and is very close to a buy signal. Natural gas’s rounding bottom ended up being a failed pattern not leading to a buy signal.
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.