HEAT S2 S1 CLOSE R1 R2 TREND
DAILY 28280 28720 29153 29570 29990 DOWN
WEEKLY 26365 27990 29153 30250 30880 DOWN
Daily Moving Averages: 21, 55, & 100: 3.0141, 3.0744, 3.0634
Weekly Moving Averages: 21, 55, & 100: 3.0665, 3.0164, 2.9984
The key downside pivot of 2.9345 was busted and settled below.
• The lack of early cold is the reason. This is a typical seasonal psychology. Jan is usually hit at year’s end unless the is very early cold such as what occurred in 1989.
• That is the year the Hudson River froze.
• Normally by December tertiary storage is full and the burn rate has been minimal.
• So it is despite very cold weather in Europe gasoil has been under pressure.
• This is macro economics that are forcing that market lower principally following 2oil down.
• This dynamic is likely to continue early in the coming week.
• There will be minor resistance a the 2.9450 to 2.95 area. The minor upside pivot is 2.9575.
• The key upside pivot to the intraday chart is 3.0050.
• The model suggests that Jan will crease the 2.90 level to see 2.8750 to 2.87.
• We are a seller of the rally at 2.95 with a protective stop above 2.9575. This trade is valid as long as Jan does not pierce 2.9100 prior to being elected.
The signal from the U.S. Federal Reserve that it will soon stop pumping money into the global economy and data …