Thursday, November 11, 2010
Stock Market and Commodities Commentary For Thursday Evening Nov. 11th
Crude oil closed down $0.07 at $87.74 a barrel today. Prices closed near the session low today after hitting another fresh six month high early on. The bulls still have upside momentum. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $90.00 a barrel.
Natural gas closed down 11.6 cents at $3.93 today. Prices closed near the session low today. The bears have the overall near-term technical advantage and gained some fresh downside momentum today. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $4.249.
The U.S. dollar index closed up 56 points at 78.33 today. Prices closed near the session high today and hit a fresh two week high. Dollar index bears still have the overall near term technical advantage, but the bulls this week have gained upside momentum.
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