Ethanol: Weakness Across the Board

MrTopStep.com

ETHANOL

ETHANOL S2 S1 CLOSE R1 R2 TREND
DAILY 2290 2310 2350 2379 2400 DOWN
WEEKLY 2210 2310 2375 2472 2572 DOWN

Daily Moving Averages: 21, 55, & 100: 2.388, 2.378, 2.451

Weekly Moving Averages: 21, 55, & 100: 2.460, 2.307, 2.453

We were in a sell the rally mode for Monday.

  • Weakness was seen across the grain boards as traders await the crop report Tuesday morning.
  • However, the falling demand in gasoline is also impacting this market.
  • Jan broke through and settled below trend support Monday. This can be seen on the chart below.
  • Note too that this pattern of the larger degree scale is forming an A-B-C correction to the downside.
  • This will likely mean that the key downside pivot of 2.31 will be tested in short order.
  • Jan will have minor resistance at 2.375 to 2.38.
  • The minor upside pivot is 2.387.
  • Key resistance for the intraday chart rests at 2.40.
  • The key upside pivot is 2.45.

12-11-12 Ethanol Stanton Analytics

Ethanol  Weekly

Ethanol Weekly / Stanton Analytics

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