What’s Up, What’s Down: New Highs for RBOB, Dollar in Uptrend

Comments for Tuesday, May 4, 2010

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


Higher closes Monday for crude and heating oil along with the RBOB and natural gas again. The crude, heat and RBOB had strong closes again with the crude and RBOB making their highest highs and closes since August – and the heat since November.

Natural gas closed higher but is now in a small BEAR PENNANT continuing to look lower overall. CONTRACT LOW AND CLOSE. BUY SIGNALS FOR CRUDE, HEAT AND THE RBOB. SELL SIGNAL FOR NATURAL GAS . CALL FOR DETAILS!

RBOB Chart

Natural Gas Chart


Higher closes yesterday for the Canadian Dollar, Aussie Dollar and dollar index while lower for the Euro Fx, Swiss Franc, Japanese Yen and British Pound. The euro, franc and yen continue to be in downtrends overall with the yen making its lowest close since August.

The Canadian Dollar settled higher this time but has been looking toppy over the last month or so. It’s also still near a sell signal. The pound has also been consolidating and/or looking toppy since the beginning of April while just above a support area at this time. Meanwhile, the Aussie Dollar continues to gradually move higher overall although retracing lower over the last couple of weeks. The dollar settled higher and has been in a nice looking uptrend with strong support underneath as seen below. BUY SIGNALS FOR THE CANADIAN DOLLAR, BRITISH POUND, AUSSIE DOLLAR AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX AND SWISS FRANC. CALL FOR DETAILS!

British Pound Chart

US Dollar Chart

Contact me to receive a free copy of our new special report on Natural Gas futures. 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. 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.

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