Tuesday, November 17, 2009

Stronger Dollar Limits Buying Interest in Crude Oil

Crude oil closed up $0.21 at $79.11 a barrel today. Prices closed near mid range today. A stronger U.S. dollar limited buying interest in crude today. Bulls have the near term technical advantage in crude oil. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $75.57.

Natural gas closed down 7.3 cents at $4.541 today. Prices closed nearer the session low. Serious near term chart damage has occurred recently. Bears have the solid near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $5.00.

The U.S. dollar index closed up 47 points at 75.39 today. Prices closed near mid range today and were supported on tepid short covering in a bear market. Bears still have the solid overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 77.00.

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