Ethanol: Sell The Rally

MrTopStep.com

ETHANOL
ETHANOL S2 S1 CLOSE R1 R2 TREND
DAILY 2310 2363 2375 2395 2420 DOWN
WEEKLY 2210 2310 2375 2472 2572 DOWN

Daily Moving Averages: 21, 55, & 100: 2.389, 2.377, 3.249
Weekly Moving Averages: 21, 55, & 100: 2.460, 2.307, 2.453

Although drought remains a very deep concern in the mid-continent, the rains in Argentina and Brazil along with the size of the crops have the U.S. grain markets under mild pressure.
• For Jan this is likely to mean continued weakness in the early part of the week.
• It is likely that Jan will find resistance at the 2.395 to 2.40 zone.
• The minor upside pivot is 2.415.
• The key upside pivot is 2.445.
• Our forecast sees Jan falling to the weekly trend at 2.365.
• With a daily settle below that level it is likely that Jan will continue lower to see and test 2.31.
• This is the key downside pivot.
• This is a sell the rally market.

12-9-12 Ethanol Stanton Analytics

Ethanol Weekly

Ethanol Weekly / Stanton Analytics

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