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TFC Commodity Trading Forum

Re: July Nat Gas/ DX/Euro/Lee *PIC*

I read somewhere that Nat Gas above 2.50 made coal more viable. Don't pay much attention to news stories but perhaps that is a factor putting a lid on things. The chart has rolled over typically and this is the big 'acid test' I've been referring to that will determine bullish or bearish ahead. That last low must hold or the rally was just a dead cat bounce that failed. Simple as that.

As far as DX goes it is and has been strong since bouncing off the 200ema and price support at the end of April if you recall my post then. It's been straight up since and after spending some time in the congestion area broke out above 82 and is trying to run up to the last August high of 83.64. But note how overbought DX is presently on the lower technicals along with a strong negative divergence on the CCI 20. Doesn't mean short it as DX has been bullish for some time and the Euro chart I've posted has major downtrendlines on it that have been respected like clock work. But it is a warning of a reversal 'nearby' that will see a retrace with some 'Happy days are hear again' story out of Europe. Always some b.s. story rehashed again and again for the gullible public to believe. Meanwhile as long as the Euro stays below the recent breakdown pt of 1.26 it is bearish. But the Euro chart is also at an extreme but very very oversold and will see a snap back soon enough. Always remember the old saying " If it's obvious, it's obviously wrong." Meanwhile the trend is your friend but expect the unexpected anytime now.