Wednesday, October 13, 2010
Stock Market and Commodities Commentary For Wednesday Evening Oct. 13th
Crude oil closed up $1.36 at $83.03 a barrel today. Prices closed nearer the session high today in the wake of a bullish IEA report that showed increasing worldwide demand for oil. A weaker U.S. dollar index also supported crude today. 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 last week's high of $84.43 a barrel.
Natural gas closed up 5.5 cents at $3.684 today. Prices closed nearer the session low today. More tepid short covering in a bear market was featured today. 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 down 28 points at 77.30 today. Prices closed near the session low again today and are hovering near a nine month low. 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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