Crude Oil Prices Steady-Weak in Early Trading

Tags: Market News
1 May 1:02pm
Posted by JimWyckoff
0 Comments
Read original blog entry

CRUDE OIL

Crude oil prices are steady to weaker early today. In June crude, look for buy stops to reside just above resistance at $114.00 and then just above resistance at $115.00. Look for sell stops just below technical support at $112.50, and then more sell stops just below support at $112.00. Today's key near-term Fibonacci support/resistance level: $111.97. Wyckoff's Intra-Day Market Rating: 5.0

CURRENCIES

The June U.S. dollar index is higher in early trading today. Bulls have some upside technical momentum on their side. Slow stochastics for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at this week's high of 73.30 and then at 73.50. Shorter-term support is seen at 72.80 and then at this week's low of 72.65. Today's key near-term Fibonacci support/resistance level: 73.48. Wyckoff's Intra Day Market Rating: 6.0

The June Euro is lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5466 and then more stops just below support at 1.5400. Shorter-term technical resistance for the Euro is seen at 1.5500 and then at 1.5550. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.5356. Wyckoff's Intra Day Market Rating: 4.0

GOLD

Gold is near steady in early dealings today and hit a fresh 3.5-month low overnight. Bears have downside technical momentum on their side. For June gold, shorter-term technical resistance is seen at $870.00 and then at $875.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $863.50 and then just below support at $860.00. Today's key near-term Fibonacci support/resistance level: $878.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were higher in overnight trading. However, today the key "outside markets" are turning more bearish as the U.S. dollar is stronger and crude oil and gold are weakening in early trading. That will limit buying interest in the grains today. Traders will closely examine this morning's weekly USDA export sales data. Grain traders are still watching weather in the U.S. Corn Belt. The wet conditions in the Corn Belt are still bullish for corn and modestly bearish for soybeans.

Comments

Back to top

Post comment

Back to top

Post a comment

Please login to post a comment

About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

Recent Entries