Comments for December 16, 2011
Looking ahead to Friday by reflecting back on Thursday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
TROUBLE AHEAD FOR THE ENERGY FUTURES COMPLEX??
ENERGIES: 12/16/11 Lower closes for the crude and heating oil along with the rbob and natural gas. All of the energies made new recent lows and closes with the crude(SELL SIGNAL) now starting to catch up with the heat and rbob on the downside. The next strong support area for the crude is, in my opinion, under 9000. The 105 area remains critical to me which is the top end of a good resistance area for the crude and a price this energy has struggled trying to get over since the end of July. The heat and rbob have been moving lower now way ahead of the crude and something had to give sooner or later which now looks like it was the crude. The heat has strong resistance around the 30000 area while the rbob has been making lower highs since September and has been drifting down overall since last March. There is also good resistance all the way up to 2700. Gas made a new CONTRACT LOW AND CLOSE which has become its new slogan! Gas has been a down-trend since April 2008 due to very weak fundamentals with at least a 4 year supply in storage. SELL SIGNALS FOR THE CRUDE AND HEATING OIL ALONG WITH THE RBOB AND NATURAL GAS. CALL FOR DETAILS!
See more energy futures charts and commentary at my Energy Futures blog, http://energyfuturesupdate.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 email@example.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.