Commodities kicked off a parade of signals this week. After months of beating up buyers, the charts kicked off some significant oversold reversal signals. Going through the charts, a theme of reversals emerged. Crude Oil moved above the 50 day moving average last week. This week it held up there, but the related ETF's started to join the party. Things get real bullish if the $BPENER moves above the 50 day moving average.
The price of $BRENT crude is also testing a breakout. One unfortunate technical indicator is the PPO has rolled over on Friday's closing price suggesting momentum for the breakout is waning.
Natural Gas also made a nice move on the week.
The Coal ETF also broke above the 10 week moving average. All of the signals in all of these charts are in their first week. If there is continuation across the board again, that should attract plenty of attention.
The Canadian Technician video is concerning as the market struggles. This week the Canadian market teeters on the edge of a major breakdown. It would be great if buyers step in here at the 200 daily moving average to keep it from accelerating lower.
The Final Bar. This week I reviewed a strategy for managing parabolic moves. Our latest area is the Gram-ma industry. The grams of marijuana grown have been rising parabolically as well.
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Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts for Dummies