Tuesday, March 27, 2012

Crude Oil Closes Above $107, Bulls Maintain a Near Term Advantage

Crude oil [May contract] closed up $0.22 a barrel at $107.25 today. Prices closed near mid range today in more quiet trading. Trading has been choppy on the charts. Prices have been trading sideways at higher price levels for the past month. Crude oil bulls have the overall near term technical advantage.

Natural gas [May contract] closed down 2.4 cents at $2.295 today. Prices closed near mid-range today and hit a fresh contract low. The bears have the solid overall near term technical advantage. There are no early clues to suggest a market low is close at hand.

Gold futures [April contract] closed down $1.30 an ounce at $1,684.30 today. Prices closed nearer the session low today and did hit another fresh two week high early on. Bulls and bears are on a level near term technical playing field as the bulls have gained some fresh upside technical momentum recently.

Time to review the "Secrets of the 52 Week High Rule"

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