Thursday, April 22, 2010
Crude Oil Market Commentary For Thursday Evening
Crude oil closed down $0.01 at $83.67 a barrel today. Prices closed nearer the session high today. 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 16.2 cents at $4.203 today. Prices closed near the session high today and scored a bullish "outside day" up on the daily bar chart. A positive weekly gas storage report boosted the market today. Short covering was featured. Bears still have the near term technical advantage. Prices are trading sideways and choppy at lower price levels.
Gold futures closed down $6.10 at $1,142.70 today. Prices closed near mid-range today and saw some profit taking and pressure from a stronger U.S. dollar index and weaker crude oil futures prices. The gold market is still a 2 1/2 month old uptrend on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid technical resistance at the April high of $1,170.70.
The U.S. dollar index closed up 45 points at 81.72 today. Prices closed nearer the session high today and hit a fresh two week high. The bulls still have the overall near term technical advantage and are regaining upside technical momentum.
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