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Crude Oil Testing One Target, but Is There Another?
The rally's target has been fulfilled and needs a reason to extend.
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: Crude oil's surge through its target may have entrenched the upleg so that it can afford to pause momentarily.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's break extended lower Wednesday, confirmed at least one more lower close is in play.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's bounce extended higher Wednesday, especially after the FOMC minutes, making last week's confirmed breakout unlikely to resume without first forming a new distributive pattern.

Gold
Jun Contract GC; (NYSEARCA:GLD)
An overnight retest of Monday's night higher formed a Double Top that reversed down to 1302.00-1303.00 support, which was recovered entirely in reaction to the FOMC minutes. So long as support holds, there remains potential for extending the bounce to 1317.00 before the decline's last downleg begins.

Silver
May Contract SI; (NYSEARCA:SLV)
Gapping down Wednesday held 19.75 support, and then rallied after the close in reaction to the FOMC minutes. There remains potential up to 20.75, so long as 19.75 holds as support.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down held 132-28 as support to maintain potential for filling the gap back up to 134-06.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Extending Wednesday through the original 102.35-102.60 target to 103.55, where closing back under 103.25 would jeopardize this leg's momentum.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Fresh highs Wednesday suggest a bottom is in, but not that this leg will avoid correction down to 4.22. In any case, there is not currently a signal in play.

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.
Crude Oil Testing One Target, but Is There Another?
The rally's target has been fulfilled and needs a reason to extend.
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: Crude oil's surge through its target may have entrenched the upleg so that it can afford to pause momentarily.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's break extended lower Wednesday, confirmed at least one more lower close is in play.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's bounce extended higher Wednesday, especially after the FOMC minutes, making last week's confirmed breakout unlikely to resume without first forming a new distributive pattern.

Gold
Jun Contract GC; (NYSEARCA:GLD)
An overnight retest of Monday's night higher formed a Double Top that reversed down to 1302.00-1303.00 support, which was recovered entirely in reaction to the FOMC minutes. So long as support holds, there remains potential for extending the bounce to 1317.00 before the decline's last downleg begins.

Silver
May Contract SI; (NYSEARCA:SLV)
Gapping down Wednesday held 19.75 support, and then rallied after the close in reaction to the FOMC minutes. There remains potential up to 20.75, so long as 19.75 holds as support.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down held 132-28 as support to maintain potential for filling the gap back up to 134-06.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Extending Wednesday through the original 102.35-102.60 target to 103.55, where closing back under 103.25 would jeopardize this leg's momentum.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Fresh highs Wednesday suggest a bottom is in, but not that this leg will avoid correction down to 4.22. In any case, there is not currently a signal in play.

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
Crude Oil Testing One Target, but Is There Another?
The rally's target has been fulfilled and needs a reason to extend.
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: Crude oil's surge through its target may have entrenched the upleg so that it can afford to pause momentarily.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's break extended lower Wednesday, confirmed at least one more lower close is in play.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's bounce extended higher Wednesday, especially after the FOMC minutes, making last week's confirmed breakout unlikely to resume without first forming a new distributive pattern.

Gold
Jun Contract GC; (NYSEARCA:GLD)
An overnight retest of Monday's night higher formed a Double Top that reversed down to 1302.00-1303.00 support, which was recovered entirely in reaction to the FOMC minutes. So long as support holds, there remains potential for extending the bounce to 1317.00 before the decline's last downleg begins.

Silver
May Contract SI; (NYSEARCA:SLV)
Gapping down Wednesday held 19.75 support, and then rallied after the close in reaction to the FOMC minutes. There remains potential up to 20.75, so long as 19.75 holds as support.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down held 132-28 as support to maintain potential for filling the gap back up to 134-06.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Extending Wednesday through the original 102.35-102.60 target to 103.55, where closing back under 103.25 would jeopardize this leg's momentum.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Fresh highs Wednesday suggest a bottom is in, but not that this leg will avoid correction down to 4.22. In any case, there is not currently a signal in play.

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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