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Currencies and Metals Sat Tight Wednesday


Although stocks fluctuated widely, there was mostly narrow ranging among currencies and metals.


Crude Oil
Oct Contract CL; (USO)
Tuesday's impatient selling pressure extended lower Wednesday morning, but recovered positive territory into the noon hour. At least Tuesday afternoon's lows held as support to suggest that sellers had lost momentum. Closing above at least 96.15 would start to signal momentum having reversed back up.

Natural Gas
Oct Contract NG; (UNG), (UNL)
The recent bounce could have extended through its 2.89 target that was met Tuesday had the narrow consolidation resolved up immediately. But Wednesday's open gapped down under 2.82 support. The rally can resume to 3.08 so long as 2.76 now holds as support.

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.
No positions in stocks mentioned.
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