March crude oil was higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing at 94.97 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off November's low, the 87% retracement level of the September-November decline crossing at 99.78 is the next upside target. First resistance is this month's high crossing at 98.24. Second resistance is the 87% retracement level of the September-November decline crossing at 99.78. First support is last Monday's low crossing at 94.97. Second support is the 38% retracement level of the November-February rally crossing at 93.47. Continue reading "Energy Market Commentary"
September crude oil was higher overnight on speculation that inventories declined for a third week in the U.S., the world's biggest crude consumer. Today's inventory report is forecasted to show that U.S. crude stockpiles fell last week as refiners operated near the highest rates in five years. Despite overnight gains, September remains below the 50% retracement level of this year's decline crossing at 94.28. Stochastics and the RSI are diverging and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 90.83 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. Continue reading "Energy Market Commentary"
August crude oil was higher overnight as it extended the rally off last Thursday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 87.32 is the next upside target. If August renews this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. First resistance is the reaction high crossing at 87.32. Second resistance is the reaction high crossing at 92.52. First support is last Thursday's low crossing at 77.28. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28. Continue reading "Energy Market Morning Report"
What do I mean when I say... trade the market and not the economy? It may sound like I'm saying to trade the same thing... but in many cases they're different. The difference is that the market is driven by fear and greed, while the economy is driven by fundamentals. Our "Trade Triangle" technology allows us to analyze the market... leaving the fundamentals and our own emotions at the door. Let's look at some of the major markets and see which direction the trend is headed:
* The equity markets are still in a negative trend.
* Crude oil is still in a negative trend.
* Gold is in an erratic upward trend.
* The dollar is also in an erratic upward trend.
All of these markets are still in entrenched trends and there is no reason to suggest that they will be reversing anytime soon.
I have just finished a short video on crude oil (NYMEX:CL). This market is making moves, which I will tell you all about using the "Trade Triangle" technology which I helped to create.
We recently received a trading signal in this market which I think is an important one. You will also get a chance to see several of the previous signals that were issued. The video is definitely worth watching for that benefit alone.
The silly season which we talked about in December is rapidly coming to a close. I would expect that the volume and liquidity will return to the markets by the 15th of January. So get ready... cause there is money to be made.
Enjoy the video and by all means, give us a call at 1-800-538-7424 if you have any questions about the video.