Crude Oil Bulls Still Have Near Term Advantage

July crude oil closed up $0.15 at $68.73 a barrel today. Prices closed near the session high and hit another fresh 6 1/2 month high today. Crude oil bulls have the solid near term technical advantage. The "money game" in the commodity markets continues, whereby funds are flowing into commodities with crude oil leading the way. A six week old uptrend is in place on the daily bar chart.

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July natural gas closed down 11.0 cents at $4.139 today. Prices closed nearer the session low today. The key "outside markets" were mixed for the natural gas futures market today, as the U.S. stock indexes were steady higher, crude oil prices were steady lower and the U.S. dollar was lower. Bears still have the near term technical advantage. However, the bulls have gained some momentum recently.

Today’s Stock Market Club Trading Triangles

The September U.S. dollar index closed down 78 points at 78.83 today. Prices closed near the session low and hit another fresh eight month low today. Prices are still in an 11 week old downtrend on the daily bar chart. Bears still have the solid near term technical advantage.

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