Thursday, May 10, 2012

Bearish Pennant Pattern Forms on the Crude Oil Daily Bar Chart

Crude oil closed up $0.15 a barrel at $96.96 today. Prices closed near mid range today and saw tepid short covering in a bear market. The bears still have the overall near term technical advantage. A bearish pennant pattern has formed on the daily bar chart.

Natural gas closed up 1.6 cents at $2.481 today. Prices closed near mid range today and hit another fresh six week high. The bulls have gained some fresh upside near term technical momentum this week. The bears do still have the overall near term technical advantage, however.

Gold futures closed up $1.90 an ounce at $1,596.10 today. Prices closed near mid range and tried to stabilize and consolidate today. Prices Wednesday hit a 17 week low. Serious near term chart damage has been inflicted this week. Gold bears have the solid near term technical advantage. A nine week old downtrend is in place on the daily bar chart.

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