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Another Eerily Calm Session for Crude Oil at Its Highs


Crude oil is keeping the potential alive for extending its rally.

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: Despite rejecting fresh highs overnight, crude oil never attracted bearish sponsorship Monday, keeping alive potential for extending the rally.

Dollar Basket
Friday's late dip held the 82.15 pullback limit, but Monday's firming barely qualified as resuming the recovery attempt targeting 82.80.

Jun Contract EC; (NYSEARCA:FXE)
Holding the 1.3105 bounce limit Friday allowed Monday to resume the decline, although the session only slid within its range.

Apr Contract GC; (NYSEARCA:GLD)
Choppy sideways ranging throughout the session maintained positive territory, but was too shallow to gain traction. I can't yet discount the potential for probing above 1483.00 intraday, or even closing above it.

May Contract SI; (NYSEARCA:SLV)
Monday's sideways ranging gained no traction either way. But it also further delayed dipping to 22.95, which is starting to make it less likely.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Monday soon resumed the decline and extended under Friday's 146-27 low down to 146-14. This extension undermines the opportunity for a corrective bounce, which is now unlikely so long as 147-02 holds as resistance.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Fresh highs overnight probing above 97.00 were retraced back into negative territory under 95.00 by Monday's open. The reversal didn't extend either, and the balance of the session ranged sideways at or under Friday's ~96.00 highs. Almost any early strength Tuesday would confirm 98.10 is in-play.

Natural Gas
Monday's gap down retested Friday's dip into the 3.95-4.00 area. A bounce filled the open's gap back to Friday's close, neutralizing its attraction above. There is no unfinished business above or below.

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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