Crude oil closed up $1.87 at $86.74 a barrel today. Prices closed near the session high today and hit a fresh 1.5 year high today. Fresh speculative and commodity fund buying were seen today as prices have now pushed above the pivotal $85.00 level. A weaker U.S. dollar index and higher U.S. stock indexes today supported buying interest in crude oil. Crude oil bulls have the solid overall near term technical advantage and gained more upside momentum today.
Natural gas closed up 19.2 cents at $4.278 today. Prices closed near the session high today on short covering. Prices today showed good good follow through buying from solid gains Thursday and a bullish "key reversal" up on the daily bar chart has been confirmed. That is one early technical clue that a market bottom is in place. However, the bulls have more work to do in the near term to suggest an uptrend can be started.
The June U.S. dollar index closed down 14 points at 81.29 today. Prices closed near mid-range today in quieter trading. No serious chart damage has occurred recently. The bulls still have the overall near term technical advantage. Also, the Euro currency closed down as well, 11 points at 1.3475 today. Prices closed nearer the session low today in quieter trading. Euro bears have the overall near term technical advantage. Prices are still in a four month old downtrend on the daily bar chart.
The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010
Share
No comments:
Post a Comment