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Crude Oil Rally Should Be Obvious Tuesday (If It's Valid at All)


Plus, a look at gold, silver, natural gas, and more.

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Crude oil's late recovery Monday wasn't necessary for the bottom that was forming through Friday. So, trying to resume the rally when not required would be bearish if the rally were not extended almost immediately Tuesday.

Dollar Basket
Monday's dip attacked prior highs under prior highs under 82.60 and has yet to extend under 82.37 and 82.25 to signal momentum reversing down.

Mar Contract EC; (NYSEARCA:FXE)
Friday's retest of prior lows and 1.2955 support reacted up Monday to 1.3040. The the 1.3105-1.3113 buy signal targeting 1.3185 and 1.3300 could still trigger so long as pullbacks now hold 1.3005.

Apr Contract GC; (NYSEARCA:GLD)
Fresh highs Sunday night did not persist into Monday's session, failing to extend Friday's recovery from its fresh low, and leaving an attraction to new lows.

Mar Contract SI; (NYSEARCA:SLV)
Monday's gap down never extended, holding above 28.65 support, and the session only ranged sideways in negative territory.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Friday's reaction up from plunging on the NFP report barely extended any higher Monday, not even testing its 141-14 bounce limit, maintaining the decline's momentum targeting 140-08.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Monday's dip to 90.90 spent much of the session deep into negative territory. A full recovery was not necessary since Friday afternoon's rally to 92.00 had already confirmed Thursday's break 91.45. But a late surge probed from highs anyway up to 92.15.

Natural Gas
Monday's gap down was reversed into positive territory, fresh highs for the move, and still not triggering the 3.53 sell signal targeting 3.30-3.33.

Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.
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