Crude oil closed up $1.10 at $83.47 a barrel today. Prices closed near the session high today and hit a fresh 11 week high. Prices also closed at a bullish monthly high close. Crude oil bulls have the overall near term technical advantage and have regained solid upside momentum this week.
Natural gas closed down 10.6 cents at $3.867 today. Prices closed near the session low today and closed at a fresh contract low close. Prices also closed at a technically bearish monthly and quarterly low close today. Bears have the solid overall near term technical advantage. There are still no early technical clues that a market bottom is close at hand. Prices are in a three month old downtrend on the daily bar chart.
The U.S. dollar index closed down 44 points at 81.29 today. Prices closed nearer the session low today and scored a mildly bearish "outside day" down on the daily bar chart. The bulls still have the overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at last week's high of 82.52.
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