No Crude Oil Chart Damage, Bulls Still Have Near Term Advantage

Crude oil closed lower, down $1.44 at $70.60 a barrel today. Prices closed nearer the session low on profit taking pressure. But no chart damage occurred today. A solidly higher U.S. dollar and lower stock indexes pressured crude oil today and crude oil bulls still have the near term technical advantage. A seven week old uptrend is still in place on the daily bar chart.

Natural gas closed up 32.4 cents at $4.181 today. Prices closed nearer the session high today on more short covering and fresh speculative buying. The key "outside markets" were fully bearish for the natural gas futures market today, as the U.S. stock indexes were sharply lower and crude oil prices were lower. Yet, natural gas rallied anyway, which is a bullish clue. Bears still have the overall near term technical advantage.

Today’s Stock Market Club Trading Triangles

July heating oil closed down 216 points at $1.8159 today. Prices closed near mid range today and were pressured on profit taking. Bulls still have the near term technical advantage.

Unleaded gasoline closed up 162 points at $2.0593 today. Prices closed near the session high today. Bulls still have the solid near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.15