What’s Up, What’s Down: Spotlight on Energies
Comments for Thursday, April 22, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
EIA GAS STORAGE report is released later this morning. Higher closes for for heating oil and the rbob while lower for crude oil and natural gas but all not too far from unchanged. Although the crude, heat and rbob are still in uptrends overall, they were hurt by the last Friday’s and Monday’s action still managing to hold their respective support areas as seen below. Gas closed lower this time and, while making a key reversal on April 1st, it looks like it’s in a BEAR TRIANGLE poised to continue moving lower overall. BUY SIGNALS FOR CRUDE, HEAT AND THE RBOB. CALL FOR DETAILS!
Read 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 firstname.lastname@example.org.
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.