Technical Outlook
CRUDE OIL (JAN) 11/19/2010
The cross over and close above the 60-day moving average indicates the longer-term trend has turned up. Declining momentum studies in the neutral zone will tend to reinforce lower price action. The close below the 9-day moving average is a negative short-term indicator for trend. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside objective is now at 80.41. The next area of resistance is around 83.90 and 84.41, while 1st support hits today at 81.90 and below there at 80.41.
Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's close below the 9-day moving average is an indication the short-term trend remains negative. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is now at 1179 1/4. The next area of resistance is around 1267 3/4 and 1282 1/2, while 1st support hits today at 1216 1/4 and below there at 1179 1/4.
January Soybean Oil finished up 2.00 at 51.25, 0.02 off the high and 2.5 up from the low.
HAPPY TRADING
The cross over and close above the 60-day moving average indicates the longer-term trend has turned up. Declining momentum studies in the neutral zone will tend to reinforce lower price action. The close below the 9-day moving average is a negative short-term indicator for trend. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside objective is now at 80.41. The next area of resistance is around 83.90 and 84.41, while 1st support hits today at 81.90 and below there at 80.41. January Crude Oil closed up 1.85 at 82.89. This was 1.97 up from the low and 0.03 off the high.
Technical Outlook
SOYBEANS (JAN) 11/19/2010
Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's close below the 9-day moving average is an indication the short-term trend remains negative. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is now at 1179 1/4. The next area of resistance is around 1267 3/4 and 1282 1/2, while 1st support hits today at 1216 1/4 and below there at 1179 1/4.January Soybean Oil finished up 2.00 at 51.25, 0.02 off the high and 2.5 up from the low.
HAPPY TRADING
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