Crude oil closed down $1.76 at $81.48 a barrel today. Prices closed nearer the session low today after hitting a fresh nearly five month high early on. Price action today also scored a bearish "outside day" down on the daily bar chart. Bulls faded today and if there is good follow through selling pressure on Friday, it will suggest a near term market top is in place. At present, prices are still in a six week old uptrend on the daily bar chart.
Natural gas closed down 24.2 cents at $3.623 today. Prices closed near the session low today and scored a fresh contract low. The bears still have the solid overall near term technical advantage and gained fresh downside momentum today.
Gold futures closed down $13.30 at $1,334.30 today. Prices today closed nearer the session low in a big trading range day, after hitting another fresh contract and all time record high early on. A firming U.S. dollar index as the session progressed did help to pressure the gold market today. Profit taking pressure was featured Thursday, following recent price gains that did put the gold market into a technically overbought posture, on a near term basis. Thursday's price action did produce a bearish "outside day" down on the daily bar chart, whereby the high is higher and the low is lower than the previous session's trading range, with a lower close.
The U.S. dollar index closed up 7 points at 77.69 today. Prices closed near mid range today and hit another fresh 8 1/2 month low. Tepid short covering in a bear market was featured. Bears still have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.
Can you learn to trade crude oil in just 90 seconds?
Share
No comments:
Post a Comment