Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Has Crude Oil Fallen Closer to a Bottom?

By

Crude oil still has the potential to lead a commodity rally.

PrintPRINT
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: So much for crude oil leading a commodity recovery? Not necessarily. While Thursday's drop did extend Friday, at least sellers were dispatched. Meanwhile, other markets only firmed, expending buying pressure without gaining traction for the effort.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The rally's 82.75 target was attacked up to 82.70 Friday. The second consecutive lower close under prior lows confirms momentum reversed down. Pullbacks should now hold 82.10 to maintain the rally.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's dip to 1.3105 now requires bounces to hold any test of 1.3220 to maintain this downleg's momentum.

Gold
Aug Contract GC; (NYSEARCA:GLD)
Thursday night's test of 1269.00 was recovered to attack 1302.00. Narrow intraday ranging around 1290.00 suggests that a recovery is not forming. A fresh low at 1262.00 can't be discounted. But back above 1308.00 would target 1321.50.

Silver
Jul Contract SI; (NYSEARCA:SLV)
The 19.37 target was tested Thursday night, producing a bounce testing 20.05. And it could extend to 20.20 before suggesting a bottom has formed, or that fresh lows targeting 18.88-19.00 can be avoided.

30-year Treasury
Sep Contract US; (NYSEARCA:TLT)
The 136-30 bounce limit was attacked to within a quarter-point Thursday night and by Friday's opening gap up. But selling resumed immediately and extended the decline to 134-29. Now holding 135-24 would maintain the drop's momentum and potential down to 134-16 and 133-24.

Crude Oil
Jul Contract CL; (NYSEARCA:USO)
Friday's drop to attack 93.00 extended Thursday's steep break from recently testing 99.00. Back above 96.00 would still start signaling new highs in-play, and back above 95.20 would target 96.00.

Natural Gas
Jul Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The pullback extended down Friday, testing 3.80, and now needs a close above 3.87 to signal momentum reversing up.

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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE