Monday, October 11, 2010
Stock Market and Commodities Commentary For Monday Evening Oct. 11th
Crude oil closed down $0.61 at $82.05 a barrel today. Prices closed near the session low today on profit taking from recent gains. Prices are still in a six week old uptrend on the daily bar chart. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $86.00 a barrel.
Natural gas closed down 4.9 cents at $3.602 today. Prices closed near the session low today and closed at a fresh contract low close. The bears still have the solid overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.00.
The U.S. dollar index closed up 19 points at 77.75 today. Prices closed near the session high today and hit a fresh nine month low. Tepid short covering in a bear market was featured. Bears still have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.
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