The Energy Review for The Week of April 25th, 2011
Posted: Mon Apr 25, 2011 6:52 pm
There's a short message that Pitguru Daniel Cronin would like to share to help our trading week. By the way, whenever you care about futures trading, you can check for other market reviews to learn more about how other interactive markets are working to help guide your work.
The Energies Review
For the week of April 25th, 2011
Crude oil had another positive week climbing up to $112 a barrel after liquidating down to $106 earlier in the week. There seems to be a range bound territory right now with the WTI from $116 to $105.50 and I would look for this trend to continue with Crude grinding higher ever so slightly. The Euro/USD rallied to the upside (weak USD) as this market broke out above $1.45 to the upside and this has been the weakest the market has seen this so far this year. Gasoline at the pump has now risen over $4 and is inching higher to the $4.30 mark. This is putting a huge burden on consumers and will probably force some to not take far vacations this year. The Crude market finally saw a drop in supplies which added a bit more fuel to the fire. I am looking for $116 to be the resistance this week but the market, grinding the way it keeps on, is likely headed a bit higher after breaking this number.
**Chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
The Energies Review
For the week of April 25th, 2011
Crude oil had another positive week climbing up to $112 a barrel after liquidating down to $106 earlier in the week. There seems to be a range bound territory right now with the WTI from $116 to $105.50 and I would look for this trend to continue with Crude grinding higher ever so slightly. The Euro/USD rallied to the upside (weak USD) as this market broke out above $1.45 to the upside and this has been the weakest the market has seen this so far this year. Gasoline at the pump has now risen over $4 and is inching higher to the $4.30 mark. This is putting a huge burden on consumers and will probably force some to not take far vacations this year. The Crude market finally saw a drop in supplies which added a bit more fuel to the fire. I am looking for $116 to be the resistance this week but the market, grinding the way it keeps on, is likely headed a bit higher after breaking this number.
**Chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.