Daily Spot: Energies
A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]
Crude Oil Jun (CLM) Down, and out, but not over. Monday’s gains stopped short of touching the minimum 103.50 bounce target. Overnight weakness persisted through Tuesday’s open, almost touching 100.00. But an intraday recovery nearly touched 104.00. Now a test of Thursday’s 105.77 opening gap down is likely before another downleg retests last week’s lows.
Natural Gas Jun (NGM) A feint heartbeat. Fresh lows down to 4.15 recovered to close back above 4.25 support. Now a close above 4.30 would trigger an upleg targeting 4.50, which could evolve into a resumption of the rally targeting 4.80.
Dollar Basket Jun (DXM) Correction mode. Monday’s close only barely triggered a Pivot Reversal, by only closing negative instead of back under the morning’s low. Tuesday’s narrow ranging did not compensate for delaying the correction, which has potential down to 73.80.
Gold Jun (GCM) Still little ballast to dump. Tuesday’s gap up peaked upon testing 1519.00. Its recovery on a closing basis would put into play a correction targeting 1567.00-1570.00. The session essentially ranged narrowly just under the trigger, and just under an outstanding gap rather than filling it. This pessimism suggests that buying is not yet so impatient to limit further upside. But a brief dip down to 1497.50-1500.00 should help to attract more sponsorship to extend the corrective bounce.
30-year Treasury Jun (USM) Quite an attractive target. Yet another session Tuesday has ranged around 124’00. A gap down to it initially held, but then gave way slightly into the afternoon. The dip was too shallow to qualify as a correction, or as refueling buyers – extending down to 123’02 would do that. Otherwise, extending higher already to 125’06 would very likely put in a significant top and reversal down.
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Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Weekender (Fri).