Undermining natural gas

May 2, 2016 03:39 PM

A daily summary of high-profile members of several complexes...

 

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))

Friday's confirmation of Thursday's breakout had gapped up sharply and extended higher intraday. But that didn't undermine its credibility for serving as confirmation, and for requiring yet another higher close. Not necessarily an immediate higher close, although Monday produced it. The next higher objective in-play is 1.1600 so long as pullbacks hold tests ofMonday's 1.1510 open.

Gold Jun Contract (GC, ETF: (GLD))

Closing above 1286.00 Friday had put into play the next higher objective at 1312.50Monday's gap up attacked the target, which remains in-play so long as pullbacks now hold 1286.00 as support.

Silver Jul Contract (SI, ETF: (SLV))

Probing Friday's high above 18.05 Monday prevented the subsequent reversal down from forming an Island top. But there is room down to 17.50 or even to 17.35 before undermining the next upleg targeting 18.80.

30-year Treasury Jun Contract (US, ETF: (TLT))

Despite Friday's higher close having confirmed Thursday's breakout and now requiring an eventual third higher close, Monday's opening dip kept the door open to testing prior lows around 161-00 before extending the rally to its 165-00 target.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))

Monday's weakness further delayed producing the third higher close still outstanding from last week's confirmed breakout. Pullbacks meanwhile have room down to 43.85 without reversing momentum down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))

Friday's rally had closed high enough to undermine downside momentum, but not high enough to reverse momentum up. Undermined downside momentum didn't prevent  gapping down Monday to test Thursday's lows and previous "lower prior highs" around 2.08.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes "Trading Plan" and more each session at the blog http://IfThenSignals.com.