Friday, March 14, 2014

Week Ending Commodities Market Summary - Crude oil, Natural Gas, Gold, Sugar and U.S. Dollar

April crude oil closed higher due to short covering on Friday as it consolidates some of this month's decline. Today's high range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish hinting that sideways to lower prices are possible near term. If April extends this month's decline, the 62% retracement level of the January-March rally crossing at 96.76 is the next downside target.Closes above the 20 day moving average crossing at 101.62 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 101.62. Second resistance is March's high crossing at 105.22. First support is the 62% retracement level of the January-March rally crossing at 96.76. Second support is the 75% retracement level of the January-March rally crossing at 94.93.

Catch up on the latest NetPicks tutorials and trading lessons

April Henry natural gas closed higher due to short covering on Friday as it consolidates some of the decline off March's high. Today's high range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If April extends the decline off February's high, the 62% retracement level of the November-February rally crossing at 4.131 is the next downside target. Closes above the 20 day moving average crossing at 4.632 would confirm that a short term low ghas been posted. First resistance is the 20 day moving average crossing at 4.632. Second resistance is February's high crossing at 5.209. First support is the 50% retracement level of the November-February rally crossing at 4.338. Second support is the 62% retracement level of the November-February rally crossing at 4.131.

Get our "Gold and Crude Oil Trade Ideas"

April gold closed higher on Friday as it extends this year's rally. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If April extends the rally off December's low, the 87% retracement level of the August-December decline crossing at 1398.00 is the next upside target. Closes below the 20 day moving average crossing at 1339.90 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 1388.40. Second resistance is the 87% retracement level of the August-December decline crossing at 1398.00. First support is the 10 day moving average crossing at 1353.30. Second support is the 20 day moving average crossing at 1339.90.

Check out Dave’s book ”The Ten Year Career”…..get it here

May coffee closed lower due to profit taking on Friday. The low range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 18.45 are needed to confirm that a short term top has been posted. If May extends the rally off November's low, the 75% retracement level of the 2011-2013 decline crossing at 23.27 is the next upside target.

Ready to start trading crude oil? Start right here....Advanced Crude Oil Study – 15 Minute Range

May sugar closed lower on Friday and below the 20 day moving average crossing at 17.55 confirming that a short term top has been posted. The low range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If May extends this week's decline, the reaction low crossing at 16.62 is the next upside target. Closes above the 10 day moving average crossing at 17.91 would temper the near term bearish outlook.

Get Our Options Trading Strategies Test Drive

The June U.S. Dollar closed lower on Friday. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If June extends the decline off February's high, monthly support crossing at 78.91 is the next downside target. Closes above the 20 day moving average crossing at 80.13 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.13. Second resistance is the reaction high crossing at 80.74. First support is Thursday's low crossing at 79.37. Second support is monthly support crossing at 78.91.

Advanced Swing Trading methods from one of our favorite hedge fund managers. For free!


No comments:

ShareThis