June crude oil closed up $1.16 at $54.36 a barrel today. Prices closed near the session high today and hit a fresh three week high, amid a stronger U.S. stock market and a weaker U.S. dollar. Bulls are gaining fresh upside near term technical momentum.
The U.S. stock indexes closed solidly higher and closed at multi month highs today, amid some better U.S. housing starts data and ideas the U.S. economy has seen the worst. The bulls have gained fresh near term upside technical momentum. The fact that so many traders are looking for a downside correction soon is in fact a bullish technical clue.
The June U.S. dollar index closed down 76 points at 83.94 today. Prices closed near the session low and hit a fresh six week low. Bears are gaining downside near term technical momentum.
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