We continue to like GSG and commodities in general. This morning GSG gapped up 24 cents. Energy & grains look great fundamentally. Grains especially, supply is low and agricultural yields weak. We are watching the dry conditions in Brazil and if they persist that will bullish for grain prices. Energy continues to grind upward,
CL2!
,
NG2!
, and Heating Oil have been strong.
We continue to see low numbers from export inspection reports.
www.ams.usda.gov/mnreports/wa_gr101.txt
We are happy to see the RSI trend reversal.
The highs in January 2020 have been broken. If we are north of $16.50 -$16.60 then we like the play still, if we dip back below then we will have been stopped out.
We'll watch to see if this can crack the October 2018 highs, if it can, we may see the 1.618 fib level at $22.15
Cheers
CL2!
,
NG2!
, and Heating Oil have been strong. We continue to see low numbers from export inspection reports.
www.ams.usda.gov/mnreports/wa_gr101.txt
We are happy to see the RSI trend reversal.
The highs in January 2020 have been broken. If we are north of $16.50 -$16.60 then we like the play still, if we dip back below then we will have been stopped out.
We'll watch to see if this can crack the October 2018 highs, if it can, we may see the 1.618 fib level at $22.15
Cheers