About Me

Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors

I am a Senior Market Analyst for www.TradingEducation.com a FREE educational website. I have been involved with the stock, financial and futures markets for more than 20 years. I became a financial journalist with Futures World News for many years, where I covered every futures market traded in the United States at one time or another. Not long after I began my career in financial journalism, I began studying technical analysis. My extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several reputable companies.

You can also read additional FREE daily commentary at www.TradingEducation.com.

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The mission of my morning web log, or "blog" is to provide you with the very latest perspective and opinion on selected key markets. I will help you start your trading day by providing you with concise and valuable trading "nuggets" to help you in your daily trading plans.



« U.S. Stock Indexes Weaker Early | Main | U.S. Stock Indexes Firmer Early »

Crude Oil Prices Lower in Early Dealings

CRUDE OIL

Crude oil prices are solidly lower in early electronic dealings, on a profit-taking pullback. In November crude, look for buy stops to reside just above resistance at the overnight high of $80.62 and then just above resistance at $81.00. Look for sell stops just below technical support at $79.50, and then more sell stops just below support at $79.00. Today's key near-term Fibonacci support/resistance level: $79.26. Wyckoff's Intra-Day Market Rating: 4.0

CURRENCIES

The December U.S. dollar index is slightly lower in early trading. Slow stochastics are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 78.57 and then at 78.73. Shorter-term support is seen at the contract low of 78.24 and then at 78.00. Today's key near-term Fibonacci support/resistance level: 78.82 Wyckoff's Intra Day Market Rating: 1.0

The December Euro is slightly higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4081 and then more stops just below support at 1.4061. Shorter-term technical resistance for the Euro is seen at the contract high of 1.4152 and then at 1.4200. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4079. Wyckoff's Intra Day Market Rating: 7.0

GOLD

Gold is trading solidly lower in early dealings today, on profit-taking pressure from recent gains. For December gold, shorter-term technical support is seen at the overnight low of $729.20 and then at $725.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $735.00 and then just above resistance at the overnight high of $738.50. Today's key near-term Fibonacci support/resistance level: $725.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were weaker in overnight trading. Corn and beans saw selling pressure on reports of good harvest progress in the U.S. Corn Belt. Wheat saw a profit-taking pullback from recent gains. All three markets are technically fully bullish. However, seasonality factors are solidly against the corn and bean bulls, amid harvest pressure. Wheat futures are in a very mature bull market that does appear "toppy."

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