Wednesday, August 14, 2013
Crude oil bulls maintain a "weak" technical adavantage
September natural gas closed up 5.7 cents at $3.342 today. Prices closed near mid range today on more short covering. Prices last week hit a 13 1/2 month low. The natural gas bears still have the solid near term technical advantage, but may now be exhausted following the recent selling pressure. Prices are in a steep three month old downtrend on the daily bar chart.
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December gold futures closed up $12.00 an ounce at $1,332.50 today. Prices closed nearer the session high and saw more short covering and bargain hunting. Gold bears still have the overall near term technical advantage.
The September U.S. dollar index closed down .060 at 81.775 today. Prices closed near mid range in quieter trading today. The bears still have the overall near term technical advantage. Prices are in a five week old downtrend on the daily bar chart.
Can't forget our favorite trade for 2013.....October sugar closed down 3 points at 17.22 cents today. Prices closed near mid range today and saw mild profit taking from recent gains as prices Tuesday hit a six week high. The sugar bears still have the overall near term technical advantage. However, prices are in a three week old uptrend on the daily bar chart.
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