From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
Crude Oil has been the Lone Ranger within the energy complex since early June, relentlessly pushing to new highs while other energy-related commodities have been stuck below overhead supply.
But that’s all changing this week as Heating Oil and Gasoline just broke above key resistance levels to new multi-year highs.
The recent strength from Energy also comes as Base Metals continue to cool off and correct. Copper, Tin, and Aluminum are all rangebound below logical levels of resistance after explosive moves off their 2020 lows. This is yet further evidence of the bifurcated market environment we’re in right now. All we can do is focus on finding opportunities in areas that are trending… So, let’s talk more about Energy.
What started out as a questionable breakout in Crude is now potentially turning into a burgeoning rotation into the entire space.
Let’s take a look at the Crude Oil derivatives and highlight the recent breakouts taking place within Commodities’ newest hot spot. [Read more…]