Technical Patterns Still Call for ULSD Price Rise

NY Harbor ULSD May futures fell to 187.35 on Monday, but the decline is corrective and forms an intraday bullish pennant (not shown). Support at 182.7, the 38 percent retracement from 166.53 should hold, though an extended correction to the 62 percent retracement at 176.5 would not be out of the ordinary at this point. A close over 190.9, the 1.618 projection from 164.9 would confirm the short-term positive tone and call for a split target at 205.0. This is the 2.764 projection from 164.9 and the 1.00 target from the 155.66 low, and is the most likely stalling point.

ULSD

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Dean Rogers

Dean Rogers is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer, but has developed into Kase’s senior technical analyst. He writes Kase’s award winning weekly Crude Oil and Natural Gas Commentaries. He is an instructor at Kase’s classes and webinars and provides all of the necessary training and support for Kase’s hedging models and trading indicators for both retail and institutional traders.

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