INO Evening Market Comments
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Started by tallpine - March 9, 2020, 4:50 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, March 10, 2020 



N/A  2nd Quarter Manpower U.S. Employment Outlook Survey



6:00 AM ET. February NFIB Index of Small Business Optimism



                       Small Business Idx (expected 102.8; previous 104.3)



7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index



                       Chain Store Sales, W/W% (previous -0.3%)



                       Chain Store Sales, M/M% (previous +2.1%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -0.1%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +5.4%)



                       Latest Wk, Y/Y% (previous +5.9%)



12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



                       Cotton, End Stocks (Bales)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +1.7M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -3.9M)



                       Distillate Stocks, Net Chg (Bbls) (previous -1.7M)



Wednesday, March 11, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 754.1)



                       Composite Idx, W/W% (previous +15.1%)



                       Purchase Idx-SA (previous 265.8)



                       Purchase Idx-SA, W/W% (previous -3.4%)



                       Refinance Idx (previous 2875.1)



                       Refinance Idx, W/W% (previous +26.0%)



8:30 AM ET. February Real Earnings



8:30 AM ET. February CPI



                       CPI, M/M% (expected +0.0%; previous +0.1%)



                       Core CPI, M/M% (expected +0.2%; previous +0.2%)



                       Energy Idx, M/M% (previous -0.7%)



                       Food Idx, M/M% (previous +0.2%)



                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)



                       CPI, Y/Y% (expected +2.2%; previous +2.5%)



                       Core Annual, Y/Y% (expected +2.3%; previous +2.3%)



9:00 AM ET. SEC Open Meeting



10:00 AM ET. February Online Help Wanted Index



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 444.119M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.784M)



                       Gasoline Stocks (Bbl) (previous 252.048M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -4.339M)



                       Distillate Stocks (Bbl) (previous 134.464M)



                       Distillate Stocks, Net Chg (Bbl) (previous -4.008M)



                       Refinery Usage (previous 86.9%)



                       Total Prod Supplied (Bbl/day) (previous 21.272M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.388M)

                       

2:00 PM ET. February Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt



2:00 PM ET. SEC Closed Meeting


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The June NASDAQ 100 closed sharply lower on Monday as fears over the spread of the coronavirus along with a collapse in crude oil prices.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 75% retracement level of the October-February-rally crossing at 7759.93 is the next downside target. Closes above the 20-day moving average crossing at 9088.59 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8609.05. Second resistance is the 20-day moving average crossing at 9088.59. First support is the 75% retracement level of the October-February-rally crossing at 7759.93. Second support is the 87% retracement level of the October-February-rally crossing at 7436.02.



The March S&P 500 gapped down and closed sharply lower on Monday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the 75% retracement level of the 2018-2020-rally crossing at 2614.56 is the next downside target. Closes above the 20-day moving average crossing at 3182.11 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 3136.00. Second resistance is the 20-day moving average crossing at 3182.11. First support is the 62% retracement level of the 2018-2020-rally crossing at 2751.74. Second support is the 75% retracement level of the 2018-2020-rally crossing at 2614.56.



The Dow gapped down and closed down over 2,000 points on Monday as oil price plunge and coronavirus fears rock stock market. Historically, a decline of 20% or greater in the stock market means that the market has moved into a bear market. The low-range close that sets the stage for a steady to lower opening is possible when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off February's high, the 25% retracement level of the 1974-2020-rally crossing at 22,303.18 is the next downside target. Closes above the 20-day moving average crossing at 27,617.46 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 26,070.34. Second resistance is the 20-day moving average crossing at 28,617.46. First support is today's low crossing at 23,706.07. Second support is the 25% retracement level of the 1974-2020-rally crossing at 22,303.18. 



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



June T-bonds closed up 4-29/32's at 184-20.



June T-bonds soared to a new all-time high on Monday as the spread of the coronavirus world-wide along with a possible all-out price war between OPEC and Russia triggered panic buying among investors seeking a safe haven for investments. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off January's low into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 167-05 are needed to confirm a short-term top has been posted. First resistance is today's high crossing at 191-22. Second resistance is unknown. First support is the 10-day moving average crossing at 172-06. Second support is the 20-day moving average crossing at 167-05. 



June T-notes closed up 1,035-pts. At 139.010.



June T-notes gapped up and closed sharply higher on Monday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 133.076 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 140.240. Second resistance is unknown. First support is the 10-day moving average crossing at 135.104. Second support is the 20-day moving average crossing at 133.076.        



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



April crude oil gapped down and closed sharply lower on Monday as threats of price war between Saudi Arabia and Russia combined with the spread of coronavirus triggered today's sell off. Today's decline saw crude oil prices down 20% as it posted its largest 1-day decline since the 1991 Gulf War.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, long-term support on the weekly continuation chart crossing at $26.05 is the next downside target. Closes above the 20-day moving average crossing at $48.60 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $45.12. Second resistance is the 20-day moving average crossing at $48.60. First support is today's low crossing at $27.34. Second support is long-term support on the weekly continuation chart crossing at $26.05.  



April heating oil gapped down and closed sharply lower on Monday as it extended this year's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, weekly support crossing at $105.34 is the next downside target. Closes above the 20-day moving average crossing at $156.65 are needed to confirm that a short-term low has been posted. First resistance is today's gap crossing at $137.83. Second resistance is the 20-day moving average crossing at $156.65. First support is today's low crossing at $107.99. Second support is weekly support crossing at $105.34.



April unleaded gas gapped down and closed sharply lower on Monday as it extended this year's decline. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 April extends the decline off February's high, weekly support crossing at 89.75 is the next downside target. Closes above the 20-day moving average crossing at 160.82 would signal that a short-term low has been posted. First resistance is today's gap crossing at 138.40. Second resistance is the 20-day moving average crossing at 160.82. First support is today's low crossing at 105.74. Second support is weekly support crossing at 89.75.



April Henry natural gas posted a key reversal up on Monday hinting that a short-term low might be in or is near. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.832 are needed to temper the near-term bearish outlook. If April extends the decline below weekly support crossing at 1.611 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 1.832. Second resistance is the 50-day moving average crossing at 1.948. First support is today's low crossing at 1.610. Second support is unknown.       



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The June Dollar closed sharply lower for the third day in a row on Monday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 aforementioned decline, the June-2019 low crossing at 94.37 is the next downside target. Closes above the 50-day moving average crossing at 97.37 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 97.37. Second resistance is the 20-day moving average crossing at 97.97. First support is today's low crossing at 94.53. Second support is the June-2019 low crossing at 94.37. 



The June Euro closed sharply higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the aforementioned rally, the 38% retracement level of the 2018-2020-decline crossing at 118.19 is the next upside target. Closes below the 20-day moving average crossing at 110.51 would temper the friendly outlook. First resistance is the 25% retracement level of the 2018-2020-decline crossing at 114.84. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at 118.19. First support the 10-day moving average crossing at 111.78. Second support is the 20-day moving average crossing at 110.51. 



The June British Pound closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 1.3061 confirms that a short-term low has been posted. If June resumes the decline off December's high, the 62% retracement level of the September-December-2019 rally crossing at 1.2677 is the next downside target. First resistance is the December 31st high crossing at 1.3110. Second resistance is the December 31st high crossing at 1.3253. First support is February's low crossing at 1.2760. Second support is the 62% retracement level of the September-December-2019 rally crossing at 1.2677.



The June Swiss Franc closed sharply higher for the third day in a row on Monday as it extends the rally off February's low.The mid-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off February's low, the 38% retracement level of the 2015-2019-decline crossing at 1.1010 is the next upside target. Closes below the 20-day moving average crossing at 1.0405 would confirm that a short-term top has been posted.First resistance is today's high crossing at 1.0943. Second resistance isthe 38% retracement level of the 2015-2019-decline crossing at 1.1010. First support is the 10-day moving average crossing at 1.0522. Second support is the 20-day moving average crossing at 1.0405.



The June Canadian Dollar gapped down and closed sharply lower on Monday as it extends this year's decline.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the January-2016 low crossing at 70.34 is the next downside target. Closes above the 20-day moving average crossing at 75.00 would confirm that a short-term low has been posted. First resistance is today's gap crossing at 74.38. Second resistance is the 20-day moving average crossing at 75.00. First support is today's low crossing at 72.64. Second support is the January-2016 low crossing at 70.34. 



The June Japanese Yen gapped up and closed sharply higher on Monday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Tuesday’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 June extends the rally off February's low, the 62% retracement level of the 2016-2020-decline crossing at 0.01009 is the next upside target. Closes below today's gap crossing at 0.0956 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0992. Second resistance is the 62% retracement level of the 2016-2020-decline crossing at 0.01009. First support is the 10-day moving average crossing at 0.0935. Second support is the 20-day moving average crossing 0.0923.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



April gold closed higher on Monday as it extends the rally off November's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, monthly resistance crossing at $1809.50 is the next upside target. Closes below the 20-day moving average crossing at $1621.80 would open the door for additional weakness near-term. First resistance is today's high crossing at $1704.30. Second resistance is weekly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1640.60. Second support is the 20-day moving average at $1621.80.



May silver closed lower on Monday as it consolidated some of last-week's rally. The mid-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 75% retracement level of the 2019 rally crossing at 15.981 is the next downside target. Closes above the 20-day moving average crossing at 17.713 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 17.713. Second resistance is the 50-day moving average crossing at 17.880. First support is February's low crossing at 16.400. Second support is the 75% retracement level of the 2019 rally crossing at 15.981.  



May copper closed lower on Monday and spiked below the lower boundary of February-March trading range crossing at 249.45. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at 249.45 would confirm a downside breakout of the aforementioned trading range. Closes above February's high crossing at 263.95 would confirming an upside breakout of February's trading range. First resistance is February's high crossing at 263.95. Second resistance is the 50-day moving average crossing at 267.26. First support is today's low crossing at 245.65. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.46.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



May Corn closed down $0.02 3/4-cents at 3.73 1/4. 



May corn closed lower on Monday due to spillover panic selling in the stock market and energy complex. A short covering rally ahead of the close tempered some of today's losses and the high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, weekly support crossing at $3.61 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.86 3/4 would open the door for a possible test of January's low crossing at $3.94. First resistance is the 50-day moving average crossing at 3.86 3/4. Second resistance is January's high crossing at $3.94. First support is February's low crossing at $3.65 3/4. Second support is weekly support crossing at $3.61 1/4.    



May wheat closed up $0.05-cents at $5.20 3/4.  



May wheat posted a key reversal up and closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 May extends the decline off January's high, the 75% retracement level of the September-January-rally crossing at $4.95 is the next downside target. Closes above the 20-day moving average crossing at $5.37 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.24 3/4. Second resistance is the 20-day moving average crossing at $5.37 1/2. First support is today's low crossing at $5.05 3/4. Second support is the 75% retracement level of the September-January-rally crossing at $4.95.      



May Kansas City Wheat closed down $0.05 1/4 at $4.41.

 

May Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 87% retracement level of the September-January-rally crossing at $4.22 1/4. Closes above the 20-day moving average crossing at $4.65 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.52 3/4. Second resistance is the 20-day moving average crossing at $4.65. First support is today's low crossing at $4.33. Second support is the 87% retracement level of the September-January-rally crossing at $4.11 1/4.  



May Minneapolis wheat closed down $0.04 1/2-cents at $5.20 3/4. 



May Minneapolis wheat closed lower on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, last-September's low crossing at 5.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.33 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.33 1/2. Second resistance is the 50-day moving average crossing at $5.47 1/2. First support is today's low crossing at $5.15. Second support is September's low crossing at 5.11 1/2.      



SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



May soybeans closed down $0.19 3/4-cents at $8.71 1/2.



May soybeans gapped down and closed lower on Monday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, last-May's low crossing at $8.54 is the next downside target. Closes above February's high crossing at $9.10 1/4 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $9.12 1/2. Second resistance is the 50-day moving average crossing at $9.17 3/4. First support is today's low crossing at $8.67. Second support is last-May's low crossing at $8.54.    



May soybean meal closed down $4.70 at $300.40. 



May soybean meal closed lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $300.10 would confirm that a short-term top has been posted. If May extends the rally off February's low, January's high crossing at $311.10 is the next upside target. First resistance is last-Wednesday's high crossing at $310.90. Second resistance is January's high crossing at $311.10. First support is the 20-day moving average crossing at 300.10. Second support is February's low crossing at $290.70.      



May soybean oil closed down 113-pts. at 27.62. 



May soybean oil gapped down and closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, weekly support crossing at 26.21 is the next downside target. Closes above the 20-day moving average crossing at 29.94 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 29.94. Second resistance is the 50-day moving average crossing at 31.98. First support is today's low crossing at 27.07. Second support is weekly support crossing at 26.21.        

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



April hogs closed down $2.93 at $63.00. 



April hogs closed lower on Monday as it extends the February-March trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at $61.00 would mark a downside breakout of the aforementioned trading range. Closes above February's high crossing at $68.25 would confirm an upside breakout of the February-March trading range. First resistance is February's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $69.16. First support is the reaction low crossing at $61.52. Second support is February's low crossing at $61.00.   



April cattle closed down $2.90 at $102.85. 



April cattle gapped down and closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 December's high, weekly support crossing at $98.94 is the next downside target. Closes above the 20-day moving average crossing at $113.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $109.21. Second resistance is the 20-day moving average crossing at $113.94. First support is today's low crossing at $102.75. Second support is weekly support crossing at $98.94.  

 

May Feeder cattle closed down $4.50-cents at $126.65. 



May Feeder cattle gapped down and closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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 May extends this year's decline, weekly support crossing at $120.50 is the next downside target. Closes above the 20-day moving average crossing at $137.72 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $134.05. Second resistance is the 20-day moving average crossing at $137.72. First support is today's low crossing at $126.65. Second support is weekly support crossing at $120.50.       



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May coffee closed higher on Monday but remains below the 20-day moving average crossing at 10.95 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the rally off February's low, the 62% retracement level of the December-February-decline crossing at 12.73 is the next upside target.   



May cocoa closed lower on Friday as it extends the decline off February's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 24.80 is the next downside target. Closes above the 20-day moving average crossing at 27.64 would confirm that a short-term low has been posted.             



May sugar gapped down and closed sharply lower on Monday as it extended the decline off February's high. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, September's low crossing at 11.89 is the next downside target. Closes above the 50-day moving average crossing at 14.21 would confirm that a short-term low has been posted.      



May cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, last-August's low crossing at 58.84 is the next downside target. Closes above the 20-day moving average crossing at 66.02 are needed to confirm that a low has been posted. 

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