A Look at S&P and Crude

The US market (Dow Jones, S&P and Nasdaq) have been seeing some buying coming in on Friday night and it looks like we could be heading for some rebound next.  However, whether this is the final low remains to be seen.

A more concrete confirmation that a low has been in place is when either Scenario A or B (as illustrated in the chart below) happens.




S&P



Crude Oil - bottoming yet?

US Crude Oil Inventory Report out tonight . How will it play out for oil stocks?

The price of Crude Oil suffered a steep plunge after the latest the Weekly Petroleum Status Report showed that US crude oil inventories had risen to an all-time high.


Is the picture getting bearish for Crude Oil?  Technically, the charts of Crude Oil (and similarly Keppel Corp and Sembcorp Marine) are at critical junction.  Is it in danger or an opportunity to long right now?


We might get an inkling after tonight's inventory report. 

Commodities Bulls Underway

It seems many down and trodden commodity stocks are really starting to fly!

Alliance Minerals, GSS Energy, Geo Energy Resources, Noble Group.. to name a few.

Is it a Trump effect?  I don't know and I don't care.  I only care what the charts tell me.

A check on the major commodity ETF (exchange traded funds) review that Crude Oil, Agricultural Produce and Metals have all hit rock bottom last year and are all now just embarking on an uptrend (Crude and Agriculture) or already in a trend (base metals).

No wonder these penny stocks are running!  The smart money knows.

see also: Chart Patterns basics

          Crude Oil 

                  

                   Agriculture

                 Base (Industrial) Metals

Strong Rebound from 13 Jul 09

Right after my observation posted on 13 July, both DJ and Light Crude made quite a spectacular "recovery".

Oil at short term support

Crude Oil hitting support around the 58.15 (38.2% retracement of the Feb-Jun upmove) and the 59.40 (double top target) region. Due for a bounce next. Any bounce in oil will boost DJ since a few of the latter's components are the oil majors.

"Experts" are predicting that oil will pull back to an eventual low of around $45 before resuming it's uptrend (ie any bounce now is still a sucker's rally). Crude's weekly stochastics are now only down to about 40.. not quite oversold yet though I'm skeptical it'll pull back to as low as $45 but I could be wrong! So let's see..