Monday, September 27, 2010
Stock Market and Commodities Commentary For Monday Evening Sept. 27th
Crude oil closed down $0.21 at $76.28 a barrel today. Prices closed near mid range today. Bulls and bears are on a level near term technical playing field. The next near term upside price objective for the bulls is producing a close above solid technical resistance at the September high of $78.86 a barrel.
Natural gas closed down 9.3 cents at $3.916 today. Prices gapped lower on the daily bar chart, hit a fresh contract low and closed near mid range today. The bears have the solid overall near term technical advantage and gained more power today as prices saw a bearish downside "breakout" from the recent sideways trading range at lower price levels.
Gold futures closed up $0.10 at $1,298.20 today. Prices today closed near mid range in quieter trading as the market pauses and consolidates after setting a fresh all time record high of $1,301.60 an ounce on Friday. A stable U.S. dollar today limited buying interest in gold. However, some fresh economic and financial worries coming out of the European Union did limit selling interest in gold. Bulls still have the solid overall near term technical advantage.
The U.S. dollar index closed down 10 points at 79.50 today. Prices closed nearer the session low today and hit a fresh eight month low. Bears still have the solid overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 82.00.
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