Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot: Energies – If, Then… Market Timing

Daily Spot: Energies

By Rod David | January 26, 2011 - 6:39 pm

A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]

Crude Oil Feb (CLG) Resting for a measure. The pattern took an extra day to get its corrective bounce underway. Closing above 86.95 has potential to 88.60, so long as 86.75 holds as support. Breaking it would signal the corrective bounce had already ended and the decline had resumed.

cl_012611.gif

Natural Gas Mar (NGH) (Another) moment of truth. Although the gap back to 4.43 was filled Tuesday, it was probed more deeply on Wednesday. The second recovery was more impressive, except for still lacking a close above 4.55. It came close to being recovered Wednesday, pessimism that could be bullish from contrarian perspective ahead of Thursday’s EIA data.

ng_012611.gif

Dollar Basket Mar (DXH) Can’t bottom without running through sellers. Monday’s confirmation of Friday’s breakout created the objective to probe a new low. Friday’s fresh low was by a margin too narrow to fulfill the spirit of the objective. But the potential bottom setup remains intact, if a valid new low intraday can be recovered to close positive.

Gold Feb (GCH) Quickly correcting its quick collapse. Rallied sharply after Wednesday’s close on the FOMC reaction. Post-close highs so far have probed into the 1342.50-1345.00 bounce target. Gapping up above it Thursday would form an Island from Wednesday’s 1325.00-1333.00 intraday range. Any positive opening not extending aggressively higher would make 1325.00-1333.00‘s retest likely.

30-year Treasury Mar (USH) More trending rejected. Wednesday’s open gapped down back under the 121’14 level that Tuesday’s otherwise impressive rally had recovered. Wednesday’s close was a little more impressive, extending down to close under 120’14, That went beyond simply not confirming Tuesday’s breakout close. The ongoing pattern of endless choppiness prevents calling this the leg that will break to 118’00, but it has a chance.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Weekender (Fri).

Posted in Daily Spot