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Can Crude Oil Kick-Start Its Failing Recovery?
The window for gold to overcome its ongoing difficulty at resistance is closing.
Rod David    

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: Is crude oil about to follow gold's pattern of suddenly reversing its uptrend? The patterns are similar for having spent a couple of days challenging critical resistance without closing above it. So, a sudden reversal down would be vulnerable to extending relentlessly. More important, this pattern might begin repeating more widely across commodities.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Initial strength Tuesday stopped short of probing fresh highs before reversing back down. The 80.00 pullback limit held as support, so any initial strength Wednesday would still be credible for extending higher.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's gap down was credible for extending, but it reacted back up into positive territory. Holding 1.3810 resistance would have been preferable to the pattern, but 1.3855 did hold, leaving the resolution down likely.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Fresh lows overnight into Tuesday's open were reversed into slightly positive territory, but not enough to suspect momentum is yet reversing up. There is no active signal.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's narrow ranging didn't extend the decline, which still has an attraction above to 20.70 regardless of the pattern's eventual resolution.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Tuesday's gap down was retraced almost entirely. The pattern's 134-22 objective above remains outstanding so long as pullbacks now hold 132-22 as support.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
So much time spent at 99.50-100.00 without extending higher was already far from optimal, even before Tuesday morning's dip to 98.80. Its recovery back up to 100.00 buys the resolution a little time, although the late dip back under 99.50 wasn't its wisest use.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Gapping up sharply Tuesday helps to confirm that a bottom may have been forming. It also helps to confirm the bottoming is in its early stages, since the gap will need to be filled or at least attacked before extending higher would be credible.


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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No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Can Crude Oil Kick-Start Its Failing Recovery?
The window for gold to overcome its ongoing difficulty at resistance is closing.
Rod David    

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: Is crude oil about to follow gold's pattern of suddenly reversing its uptrend? The patterns are similar for having spent a couple of days challenging critical resistance without closing above it. So, a sudden reversal down would be vulnerable to extending relentlessly. More important, this pattern might begin repeating more widely across commodities.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Initial strength Tuesday stopped short of probing fresh highs before reversing back down. The 80.00 pullback limit held as support, so any initial strength Wednesday would still be credible for extending higher.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's gap down was credible for extending, but it reacted back up into positive territory. Holding 1.3810 resistance would have been preferable to the pattern, but 1.3855 did hold, leaving the resolution down likely.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Fresh lows overnight into Tuesday's open were reversed into slightly positive territory, but not enough to suspect momentum is yet reversing up. There is no active signal.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's narrow ranging didn't extend the decline, which still has an attraction above to 20.70 regardless of the pattern's eventual resolution.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Tuesday's gap down was retraced almost entirely. The pattern's 134-22 objective above remains outstanding so long as pullbacks now hold 132-22 as support.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
So much time spent at 99.50-100.00 without extending higher was already far from optimal, even before Tuesday morning's dip to 98.80. Its recovery back up to 100.00 buys the resolution a little time, although the late dip back under 99.50 wasn't its wisest use.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Gapping up sharply Tuesday helps to confirm that a bottom may have been forming. It also helps to confirm the bottoming is in its early stages, since the gap will need to be filled or at least attacked before extending higher would be credible.


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.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap
Can Crude Oil Kick-Start Its Failing Recovery?
The window for gold to overcome its ongoing difficulty at resistance is closing.
Rod David    

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: Is crude oil about to follow gold's pattern of suddenly reversing its uptrend? The patterns are similar for having spent a couple of days challenging critical resistance without closing above it. So, a sudden reversal down would be vulnerable to extending relentlessly. More important, this pattern might begin repeating more widely across commodities.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Initial strength Tuesday stopped short of probing fresh highs before reversing back down. The 80.00 pullback limit held as support, so any initial strength Wednesday would still be credible for extending higher.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's gap down was credible for extending, but it reacted back up into positive territory. Holding 1.3810 resistance would have been preferable to the pattern, but 1.3855 did hold, leaving the resolution down likely.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Fresh lows overnight into Tuesday's open were reversed into slightly positive territory, but not enough to suspect momentum is yet reversing up. There is no active signal.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's narrow ranging didn't extend the decline, which still has an attraction above to 20.70 regardless of the pattern's eventual resolution.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Tuesday's gap down was retraced almost entirely. The pattern's 134-22 objective above remains outstanding so long as pullbacks now hold 132-22 as support.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
So much time spent at 99.50-100.00 without extending higher was already far from optimal, even before Tuesday morning's dip to 98.80. Its recovery back up to 100.00 buys the resolution a little time, although the late dip back under 99.50 wasn't its wisest use.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Gapping up sharply Tuesday helps to confirm that a bottom may have been forming. It also helps to confirm the bottoming is in its early stages, since the gap will need to be filled or at least attacked before extending higher would be credible.


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.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
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