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Purely Technicals' Blog

Purely Technical

Purely Technical Weekly Newsletter (December 3, 2006) - Featured Article:

The following is a featured article from this week's Purely Technical. You can receive the full newsletter for FREE, by visiting our home page - www.themarketmessenger.com - and filling in the "Join Our Newsletter" form.

Here is the featured article...

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Energy and Metals Sectors Looking Pretty

We’ve been bullish on Crude Oil for just over a month now but the commodity has fallen back to support after each attempt at a push higher. Over the past week, WTIC has bounced once again, after hitting 57.5 two weeks ago, and is now trading at 62.5.

 

 

The recent push off support has allowed RSI and MACD to each make a positive centerline crossover. Furthermore, the Bollinger Bands are starting to expand, after having been rather flat and narrow for most of the last 4-6 weeks. Expanding Bollinger Bands are a sign of increasing volatility, so expect to see a sharp move in the near future.

The next chart is that of Unleaded Gasoline…

This commodity has firmly pushed itself off support at 1.40, and is now trading near 1.70. RSI and MACD are each now showing a positive centerline crossover after having earlier shown a positive divergence. This combination usually provides a strong buy signal.

The chart following that of Gasoline is one of Natural Gas…

The near term future of NATGAS seems rather unclear. Unlike Crude and Gasoline, Natural Gas is showing a couple of potentially bearish signs. These include a potential bear wedge on price and a potential negative divergence on MACD. RSI seems like it is rolling over as well, and if this indicator makes a negative centerline crossover the commodity might be in for a bit of a correction of the 100% rally that it witnessed between September and November.

 

  

 

Let’s look at the charts of a couple of industry indices from this sector – DJUSEN and DJUSOQ.

The Dow Jones US Oil & Gas Index had a good week and in the process has broken out of an ascending triangle that is aiming for a target of 580.

 

 

The Dow Jones US Oil Equipment, Services & Distribution Index broke out of a bull wedge, which targets resistance at 640, several weeks ago and this week it pulled farther towards that target, breaking out above short-term resistance at 560 in the process.

 

 

We’ll now take a look at Gold and Silver before moving on to the Options Theory educational material.


 

Gold moved slightly higher this week and continues a gradual climb towards the target of 760 that the large symmetrical triangle (shown on chart) gives us. There are a couple of resistance levels on the way there, at 655 and 675, but with the Bollinger Bands starting to expand we might see a sharp move past these levels pretty soon.

 

 

Silver continues to push itself higher, as well, and now sits barely 5% away from multi-year highs at 15.0. MACD is showing a strong uptrend, so much so that price is actually trading above the upper Bollinger Band, at present.

 

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Snapshot of the latest issue of Purely Technical:

   

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Articles inside in this issue:

§      Market Round-up

§      A Very Good Week for Our Stock Picks

§      Stocks Continue to Show Warning Signs

§      Energy and Metals Sectors Looking Pretty

§      Options Theory – Volatility Analysis: Basic Concepts 

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You can join our mailing list to receive the latest issue of Purely Technical each week, by visiting our homepage at www.themarketmessenger.com and filling in the "Join Our Newsletter" form.

We look forward to being your best source for technical market analysis, stock picks, options picks and education in technical analysis and trading.

______________________________________________

 

Have a Great Trading Week!

Asher Pinto

TheMarketMessenger.com

 

Disclaimer:

This newsletter has been provided for your informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or financial product that may be referenced herein. Further, the information contained in this informational newsletter does not constitute investment advice or investment advisory services. All securities trading, whether in stocks, options, or other investment vehicles, is speculative in nature and involves substantial risk of loss. We shall not be held responsible for any losses incurred as a result of the use of any information provided herein. You are strongly encouraged to seek personal advice from your professional investment advisor and to make independent investigations before acting on any information that we publish.
Published Monday, December 04, 2006 8:46 PM by Purely Technical
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