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Will Crude Oil Finally Fulfill Its Lower Objectives?


Plus, a look at gold, crude oil, 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 afternoon break presumably put into play new lows around 85.85. Even if the break had developed early in the day, a second consecutive lower close is still needed for confirmation.

Dollar Basket
Monday's narrow inside day did not change that so long as 80.10 holds as support, the rally is next targeting 81.00.

Dec Contract EC; (NYSEARCA:FXE)
Monday's narrow inside day did not change that so long as 1.3000 is not recovered, the drop is next targeting 1.2825.

Feb Contract GC; (NYSEARCA:GLD)
Friday's fresh low and its recovered created potential for bouncing above 1710.00, probably to 1720.00 or 1725.00. Monday's rally to almost 1719.00 should extend higher so long as 1710.00 now holds as support.

Mar Contract SI; (NYSEARCA:SLV)
Monday's gap up to test 33.50 held above 33.25 intraday to put into play 34.00, so long as 33.25 now holds as support.

30-Year Treasury
Mar Contract US; (NYSEARCA:TLT)
Slicing through 150-14 on the way down to 149-11 Friday had expended a lot of energy, making it a struggle to close under the 149-18 sell signal. Monday's gap up probing 150-00 was retraced entirely to test 149-18, which was still being tested as support again.

Crude Oil
Jan Contract CL; (NYSEARCA:USO)
Any fresh low under 85.85 would still be likely to resume the drop targeting 81.85-82.50. Monday's open gapped up to avoid the fresh low. But a very late drop fell to test 85.35, presumably triggering a new downleg, needing confirmation from a second consecutive lower close Tuesday.

Natural Gas
Retracing Wednesday's rally Friday rather than resuming it made no rally effort credible without first probing under 3.53. Monday delivered that by gapping down to 3.44 and ranging sideways through the day. Only a gap up Tuesday back above 3.53 would be credible as a near-term buy signal.

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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