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.

Crude Oil Affected by Threat of Syrian Conflict

By

Crude oil's price held up well after the rally on heightened tensions had fulfilled its target at Friday's high.

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: Crude oil's reaction to retesting the rally's target was somewhat muted. Its shallow retracement seemed skeptical that escalating tensions in the Middle East would be brought under control.

Dollar Basket
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday's open slid through 82.10 support to test 81,.70. Closing back above 81.785 would signal the two-day drop had ended and that last week's highs would soon be probed.

Eurodollar
Sep Contract EC; (NYSEARCA:FXE)
Gapping up to and through 1.3205 resistance Monday trended higher intraday. At least probing fresh highs intraday Tuesday is likely. In any case, the downleg will not resume without breaking back under 1.3205.

Gold
Dec Contract GC; (NYSEARCA:GLD)
Monday's narrow ranging consolidated Friday's sudden reversal. The recovery should resume Tuesday so long as 1381.00 holds as support.

Silver
Dec Contract SI; (NYSEARCA:SLV)
Monday's gap down into the 23.55-23.75 range spent the entire day there, presumably consolidating Friday's rally. The recovery should resume Tuesday without much further delay, and without closing back under 23.55.

30-Year Treasury
Dec Contract US; (NYSEARCA:TLT)
Fresh lows overnight down to 128-12 retested the three-week old overnight low before Friday's intraday dip back down to 129-04 support was being tested through the close. Monday's open gapped up from its test but only ranged sideways between 129-14/130-01. Closing back under 129-04 would target fresh lows at 127-04.

Crude Oil
Oct Contract CL; (NYSEARCA:USO)
Friday's retest of the rally's 110.65 target was retraced immediately again, this time only back down to 109.25. Avoiding a second consecutive lower close Tuesday would be likelier to extend the rally.

Natural Gas
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's gap up to range up to 3.61 rejected Friday's extended dip, needing a higher close Tuesday to signal the rally had resumed.

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.
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