Tuesday, April 20, 2010

Crude Oil Market Commentary For Tuesday Evening


Crude oil closed up $0.81 at $83.94 a barrel today. Prices closed near mid-range today and saw a corrective bounce from recent strong selling pressure. No serious chart damage has been inflicted in crude, but the bulls need to show more power soon to keep the uptrend on the daily bar chart in place. Crude oil bulls still have the overall near term technical advantage.

Natural gas closed up 4.6 cents at $4.073 today. Prices closed near the session high today on short covering in a bear market. Bears still have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the April high of $4.421.

The U.S. dollar index closed up 3 points at 81.13 today. Prices closed nearer the session high today in quieter trading. The bulls have the overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at the April high of 82.06.

Gold futures closed up $4.70 at $1,140.50 today. Prices closed near mid-range today and saw a corrective bounce from selling pressure last Friday and on Monday. Higher crude oil prices added to buying interest in gold today. Uncertainty regarding the Goldman Sachs fraud charges from the SEC seem to have abated a bit, which also supported buying interest in gold today. No serious chart damage has occurred in gold, but the bulls need to show more power soon to keep the uptrend on the daily chart in place.

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