Monday Brings Solid Downside Move in Crude Oil

Crude oil closed down $1.70 a barrel at $94.43 today. Prices closed near mid range today and hit a fresh 4 1/2 month low. The bears have the solid overall near term technical advantage. Prices today saw a downside “breakout” from a bearish pennant pattern on the daily bar chart.

Natural gas closed down 8.4 cents at $2.425 today. Prices closed nearer the session low today and saw a corrective pullback from recent gains. The bulls still have some upside near term technical momentum. The bears do still have the overall near term technical advantage, however.

Gold futures closed down $20.10 an ounce at $1,563.90 today. Prices closed nearer the session low today and hit a fresh 4 1/2 month low. The key “outside markets” were in a bearish posture for gold today aided by the U.S. dollar index moving higher. Serious near term chart damage has been inflicted recently. Gold bears have the solid near term technical advantage. A 2 1/2 month old downtrend is in place on the daily bar chart.