Monday, October 18, 2010
Stock Market and Commodities Commentary For Monday Evening Oct. 18th
Crude oil closed up $1.86 at $83.11 a barrel today. Prices closed near the session high today. Trading has become choppy and sideways at the higher price levels. The next near term upside price objective for the bulls is producing a close above solid technical resistance at the October high of $84.43 a barrel.
Natural gas closed down 11.8 cents at $3.417 today. Prices closed near the session low and hit another fresh contract low today. The bears have the solid overall near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $3.80.
Gold futures closed up $0.40 at $1,372.40 today. Prices today closed near the session high after being under profit taking pressure early on. Once again, bargain hunters stepped in to buy weakness in the gold market. The U.S. dollar index backed off its earlier highs today and that also allowed gold prices to move up from daily lows. The gold bulls still have the solid overall near term technical advantage. Prices are still in a 2 1/2 month old uptrend on the daily bar chart.
Today’s Stock Market Club Trading Triangles