What’s Up, What’s Down: Uptrend for the Metals
Comments for Monday, December 14, 2009
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
ENERGIES:
Higher closes last Friday, for heating oil and the rbob while lower for crude oil and natural gas. The crude made its lowest low and close since early October while the heat is in a small BEAR PENNANT and the rbob made a new recent low before closing higher in reversal type action. All of the crude complex still look lower overall. Natural gas made its highest high in 1 1/2 months before settling lower in reversal type action but is still looking to move higher at least in the short term.
METALS:
Higher for copper but lower for gold, silver and platinum. All of the metals continue to be in up-trends overall but are forming possible tops. Gold, silver and platinum have been approaching critical areas to hold at this time. BUY SIGNALS FOR COPPER, GOLD, SILVER AND PLATINUM.
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.