Monday, September 28, 2009

Bottom Pickers Push Crude Oil Higher, Natural Gas Pulls Back

Crude oil closed up $0.89 at $66.91 a barrel today. Prices closed nearer the session high today on short covering and speculative bottom picking. Prices Friday hit a fresh nine week low. Serious near term chart damage has been inflicted recently as prices have seen a bearish downside "breakout" from a trading range at higher price levels.

Natural gas closed down 11.6 cents at $4.832 today. Prices closed nearer the session low today on profit taking. Prices Friday hit a fresh six week high. Prices are in a three week old uptrend on the daily bar chart. Bulls have upside technical momentum.

The U.S. dollar index closed up 21 points at 77.23 today. Prices closed nearer the session high today on more short covering in a bear market. Bears still have the overall near term technical advantage.

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