Crude Oil Shakes off the Nasdaq Blues and Ballmer News to Finish Higher

October crude oil closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 102.22 would confirm that a double top has been posted. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is the reaction low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed higher on Friday as it extended Thursday's key reversal up. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1676.40 would confirm that a short term low has been posted. If September resumes the decline off August's high, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. First resistance is the 10 day moving average crossing at 1661.17. Second resistance is the 20 day moving average crossing at 1676.40. First support is Thursday's low crossing at 1631.70. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.

October gold closed higher on Friday renewing the rally off June's low. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If October extends the aforementioned rally, June's high crossing at 1424.00 is the next upside target. Closes below the 20 day moving average crossing at 1333.70 would confirm that a short term top has been posted. First resistance is today's high crossing at 1399.40. Second resistance is June's high crossing at 1424.00. First support is the 20 day moving average crossing at 1333.70. Second resistance is the reaction low crossing at 1272.10.

September Henry natural gas closed lower due to profit taking on Friday as it consolidates some of this month's rally. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If September extends this month's rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 20 day moving average crossing at 3.473 would confirm that a short term top has been posted. First resistance is today's high crossing at 3.562. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 20 day moving average crossing at 3.473. Second support is August's low crossing at 3.129.

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You pushed oil higher on Friday....was it China Demand or Middle East Disruption?

September crude oil closed higher ending a five day correction off last Friday's high. Yet shares of some top oil companies were down at the close of trading on Friday. BP fell $.01 to $41.27, Chevron fell $.57 or .5 percent, to $122.50, ConocoPhillips fell $.26 or .4 percent, to $66.83, Exxon Mobil Corp. fell $.43 or .5 percent, to $90.72, Marathon Oil Corp. fell $.12 or .3 percent, to $34.55. The high range close in Sept. oil sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

Closes in oil below last Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is last Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed lower on Friday. The mid range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1687.33 would confirm that a short term top has been posted. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is last Friday's high crossing at 1705.00. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1687.33. Second support is the reaction low crossing at 1670.50.

October gold closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. Today's close above the 10 day moving average crossing at 1307.90 confirms that a short term low has been posted. If October renews the decline off July's high, July's low crossing at 1208.50 is the next downside target. First resistance is the reaction high crossing at 1339.40. Second resistance is July's high crossing at 1348.00. First support is Wednesday's low crossing at 1272.10. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Friday leaving Thursday's key reversal up unconfirmed. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this year's decline, psychological support crossing at 3.000 is the next downside target. Closes above the 20 day moving average crossing at 3.520 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.349. Second resistance is the 20 day moving average crossing at 3.520. First support is Thursday's low crossing at 3.129. Second support is psychological support crossing at 3.000.

Last but not least, our favorite trade for 2013.....September coffee closed higher on Friday and the high range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Today's close above the 20 day moving average crossing at 122.22 confirms that a short term low has been posted. If September extends this week's rally, the reaction high crossing at 126.50 is the next upside target.

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Crude oil post a downside reversal on Friday.....Is this all the bulls have for summer 2013

September crude oil posted a downside reversal on Friday after failing to take out July's high crossing at 108.93. The low range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed slightly lower on Friday as it consolidated some of Thursday's rally. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. Closes below the 20 day moving average crossing at 1677.36 would confirm that a short term top has been posted. First resistance is today's high crossing at 1703.40. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1677.36. Second support is the reaction low crossing at 1670.50.

October gold closed lower on Friday. A short covering rally tempered early session losses and the high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1297.40 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is October's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1297.40. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Friday as it extends the decline off May's high. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, the June 2012 low crossing at 3.294 is the next downside target. Closes above the 20 day moving average crossing at 3.616 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.616. Second resistance is July's high crossing at 3.833. First support is Wednesday's low crossing at 3.341. Second support is the June 2012 low crossing at 3.294.

And of course....our new favorite trade. September coffee closed higher due to short covering on Friday as it consolidated some of the decline off July's high. The high range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes above the 20 day moving average crossing at 122.55 would confirm that a short term low has been posted.

Are you ready to start trading crude oil? Advanced Crude Oil Study – 15 Minute Range

It's show me time for the crude oil bulls.....108.93 becomes the "line in the sand"

Thursdays close in crude oil above the 10 day moving average is giving crude oil bulls fresh momentum. What will they do with it? You know how we love Fridays, it tells us so much about the "will" of commercial traders.

September crude oil closed higher on Thursday following Wednesday's Petroleum Inventory that showed declining Midwest diesel supplies. Today's close above the 10 day moving average crossing at 105.80 confirmed that a short term low has been posted. The high range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If September extends this week's rally, July's high crossing at 108.93 is the next upside target. Closes below Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. First resistance is today's high crossing at 108.06. Second resistance is July's high crossing at 108.93. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed higher on Thursday and posted a new high for the year. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are diverging and remain neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1673.69 would confirm that a short term top has been posted. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is today's high crossing at 1702.00. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1673.69. Second support is the reaction low crossing at 1670.50.

October gold closed lower on Thursday while extending the trading range of the past eight days. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1292.70 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1292.70. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Thursday as it extends the decline off May's high. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, the June 2012 low crossing at 3.294 is the next downside target. Closes above the 20 day moving average crossing at 3.630 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.630. Second resistance is July's high crossing at 3.833. First support is today's low crossing at 3.341. Second support is the June 2012 low crossing at 3.294.

And how much lower can coffee go? September coffee closed lower on Thursday and below June's low thereby renewing this year's decline. The low range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes above the 20 day moving average crossing at 122.70 would confirm that a short term low has been posted.

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Short Covering Gives Crude Oil Bulls Hope.....Bears Still in Charge Here

September crude oil closed higher due to short covering on Wednesday as it consolidates some of the decline off July's high. The high range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off July's high, the 38% retracement level of the April-July rally crossing at 100.27 is the next downside target. Closes above the 10 day moving average crossing at 105.82 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 105.82. Second resistance is July's high crossing at 108.93. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 also closed higher on Wednesday. The high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1669.72 would confirm that a short term top has been posted. If September renews the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is last Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1670.50. Second support is the 20 day moving average crossing at 1669.73.

September Henry natural gas closed higher due to short covering on Wednesday as it consolidates some of this decline off May's high. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, January's low crossing at 3.350 is the next downside target. Closes above the 20 day moving average crossing at 3.645 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.645. Second resistance is July's high crossing at 3.833. First support is Tuesday's low crossing at 3.418. Second support is January's low crossing at 3.350.

October gold closed lower on Wednesday while extending the trading range of the past seven days. The mid range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1290.30 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1290.30. Second support is July's low crossing at 1208.50.

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Crude oil closes below the 20 day moving average, does this confirm a near term top is in?

September crude oil closed lower on Tuesday and below the 20 day moving average crossing at 104.82 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If September extends the decline off July's high, the 38% retracement level of the April-July rally crossing at 100.27 is the next downside target. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is today's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed unchanged on Tuesday. The mid range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1665.30 would confirm that a short term top has been posted. If September renews the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. First resistance is last Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1666.00. Second support is the 20 day moving average crossing at 1665.30.

October gold closed lower on Tuesday. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1286.50 would confirm that a short term top has been posted. If October extend the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1286.50. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Tuesday as it extends this decline off May's high. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, January's low crossing at 3.350 is the next downside target. Closes above the 20 day moving average crossing at 3.656 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.656. Second resistance is July's high crossing at 3.833. First support is today's low crossing at 3.418. Second support is January's low crossing at 3.350.

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Markets Close Slightly Lower as Traders Appear to be in Wait and See Mode

September crude oil closed slightly lower on Monday as it extended the decline off July's high. The mid range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Multiple closes below the 20 day moving average crossing at 104.56 are needed to confirm that a short term top has been posted. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is the 20 day moving average crossing at 104.56. Second support is the 25% retracement level of the April-July rally crossing at 103.27.

The September S&P 500 closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1661.54 would confirm that a short term top has been posted. If September renews the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. First resistance is last Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1666.00. Second support is the 20 day moving average crossing at 1661.54.

October gold closed higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. If October extend the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. Closes below the 20 day moving average crossing at 1283.10 would confirm that a short term top has been posted. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1283.10. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Monday as it extends this decline off May's high. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, January's low crossing at 3.350 is the next downside target. Closes above the 10 day moving average crossing at 3.671 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.671. Second resistance is July's high crossing at 3.833. First support is today's low crossing at 3.427. Second support is January's low crossing at 3.350.


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Bears taking charge....Crude oil bulls struggle to trade above 20 day moving average

The September S&P 500 closed lower due to profit taking on Thursday. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1653.23 would confirm that a short term top has been posted. If September extends the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. First resistance is Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1666.00. Second support is the 20 day moving average crossing at 1653.23.

September crude oil closed slightly higher on Thursday but remains below the 10 day moving average crossing at 106.43. The high range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 103.77 would confirm that a short term top has been posted. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is last Friday's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is today's low crossing at 104.08. Second support is the 20 day moving average crossing at 103.77.

August Henry natural gas closed lower on Thursday and below the 20 day moving average crossing at 3.668 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. If August extends today's decline, the reaction low crossing at 3.546 is the next downside target. If August renews the rally, the reaction high crossing at 4.003 is the next upside target. First resistance is last Thursday's high crossing at 3.835. Second resistance is the reaction high crossing at 4.003. First support is the reaction low crossing at 3.546. Second support is January's low crossing at 3.365.

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Commodities Market Summary for Wednesday Evening

The September S&P 500 closed lower due to profit taking on Wednesday. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. Closes below the 20 day moving average crossing at 1648.65 would confirm that a short term top has been posted. First resistance is Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1666.00. Second support is the 20 day moving average crossing at 1648.65.

September crude oil closed lower due to profit taking on Wednesday and below the 10 day moving average crossing at 106.29 signaling that a short term top is in or is near. The low range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are overbought but are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 103.25 are needed to confirm that a short term top has been posted. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is last Friday's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is today's low crossing at 104.79. Second support is the 20 day moving average crossing at 103.25.

August Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 3.672 would confirm that a short term top has been posted. If August renews last Thursday's rally, the reaction high crossing at 4.003 is the next upside target. First resistance is last Thursday's high crossing at 3.835. Second resistance is the reaction high crossing at 4.003. First support is the 87% retracement level of this year's rally crossing at 3.508. Second support is January's low crossing at 3.365.

August gold closed lower due to profit taking on Wednesday consolidating some of the rally off June's low. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If August extend the rally off June's low, the reaction high crossing at 1394.00 is the next upside target. Closes below the 20 day moving average crossing at 1266.60 would temper the near term friendly outlook. First resistance is today's high crossing at 1348.70. Second resistance is the reaction high crossing at 1394.00. First support is the 20 day moving average crossing at 1266.70. Second support is June's low crossing at 1179.40.


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Tuesday's Trading Gives Crude Oil Bulls Some Hope

Tuesday gives oil bulls some hope, but is this the short of a lifetime in crude oil?

September crude oil closed higher [107.38] on Tuesday. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. Closes below the 20 day moving average crossing at 102.75 would confirm that a short term top has been posted.

First resistance is last Friday's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is the 10 day moving average crossing at 106.33. Second support is the 20 day moving average crossing at 102.75.

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Mid Week Commodities Report

May crude oil closed higher on Wednesday as it extended the rally off last week's low. The high range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10 day moving average crossing at 95.04 are needed to confirm that a short term low has been posted. If May renews this month's decline, the reaction low crossing at 91.84 is the next downside target.

May Henry natural gas closed higher on Wednesday. The mid range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are diverging and are neutral to bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the reaction high crossing at 4.290 is the next upside target. Closes below last Thursday's low crossing at 3.861 would confirm that a short term top has been posted.

April gold closed sharply lower on Wednesday. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 1589.30 would confirm that a short term low has been posted. If April renews last week's decline, the June 2011 low crossing at 1504.00 is the next downside target.

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Crude Oil Bulls Take New Momemtun into Fridays Trading Session

Crude oil closed higher on Thursday and above the 50% retracement level of this year's decline crossing at 94.28 as it renewed the rally off June's low. The high range close sets the stage for a steady to higher opening when Friday's night session begins.

Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, the 62% retracement level of this year's decline crossing at 98.20 is the next upside target. Closes below the 20 day moving average crossing at 91.17 would confirm that a short term top has been posted while opening the door for a larger degree decline near term.

First resistance is today's high crossing at 95.75. Second resistance is the 62% retracement level of this year's decline crossing at 98.20. First support is the 10 day moving average crossing at 93.26. Second support is the 20 day moving average crossing at 91.17.

20 Survival Skills for the Trader

Natural gas closed lower on Thursday as it renewed the decline off July's high. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If September extends the decline off July's high, the 62% retracement level of the April-July rally crossing at 2.626 is the next downside target. Closes above the 20 day moving average crossing at 2.973 would temper the near term bearish outlook.

First resistance is the 10 day moving average crossing at 2.842. Second resistance is the 20 day moving average crossing at 2.973. First support is today's low crossing at 2.685. Second support is the 62% retracement level of the April-July rally crossing at 2.626.

Today’s Stock Market Club Trading Triangles

Gold closed higher on Thursday as it extends this summer's trading range. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If October renews the decline off July's high, the reaction low crossing at 1564.50 is the next downside target. Closes above the reaction high crossing at 1644.00 are needed to confirm an upside breakout of this summer's trading range.

First resistance is July's high crossing at 1626.90. Second resistance is the reaction high crossing at 1644.00. First support is the reaction low crossing at 1584.20. Second support is the reaction low crossing at 1564.50.

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Crude oil appears to set a near term bottom

Crude oil for August delivery closed sharply higher on Friday gaining $7.27 to settle at $84.96 a barrel, above the 20 day moving average crossing at 82.52 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening when Sunday's night session begins.

Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near term. If August renews this spring's decline, the 75% retracement level of the 2011-2012 rally crossing at 73.28 is the next downside target.

First resistance is the reaction high crossing at 87.32. Second resistance is the reaction high crossing at 92.52. First support is Thursday's low crossing at 77.28. Second support is the 75% retracement level of the 2011-2012 rally crossing at 73.28.

European leaders attending a two day summit agreed early Friday on a plan to use bailout funds to directly aid banks in Spain and Italy. The move in crude oil futures came as investors cheered the plan to help the euro zone's struggling banks.

The move, along with plans to bring Europe closer together, led to a surge in the euro, equities and commodities markets. The euro recently traded at $1.2684, up 1.9% from $1.2444 on Thursday. The Dow Jones Industrial Average recently traded 1.5% higher at 12,789.

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Crude Oil Bulls Reeling From Lowest Close in 9 Months

Crude oil is bouncing back in Thursday evenings session from the lowest close in more then 9 months. But still trading well below strong resistance above the $80 level as European Union actions against Iran and a strike in Norway still prove unable to push crude through resistance. But the bulls hold out hope.

Crude oil closed lower on Thursday renewing this spring's decline. The low range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near term. If August extends this spring's decline, the 75% retracement level of the 2011-2012 rally crossing at 73.28 is the next downside target. Closes above the 20 day moving average crossing at 82.47 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 82.47. Second resistance is the reaction high crossing at 87.32. First support is today's low crossing at 77.28. Second support is the 75% retracement level of the 2011-2012 rally crossing at 73.28.

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Natural gas closed lower on Thursday as it consolidated some of this month's rally. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If July extends this month's rally, February's high crossing at 3.137 is the next upside target. Multiple closes below the 20 day moving average crossing at 2.524 are needed to confirm that a short term top has been posted. First resistance is Wednesday's high crossing at 2.975. Second resistance is February's high crossing at 3.137. First support is the 10 day moving average crossing at 2.667. Second support is the 20 day moving average crossing at 2.524.

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Gold closed lower on Thursday renewing the decline off this month's high. The low range close sets the stage for a steady to lower opening when this evenings session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If August extends last week's decline, May's low crossing at 1529.30 is the next downside target. Closes above the 20 day moving average crossing at 1601.90 are needed to temper the bearish outlook. First resistance is the 20 day moving average crossing at 1601.90. Second resistance is reaction high crossing at 1642.40. First support is the reaction low crossing at 1556.40. Second support is May's low crossing at 1529.30.

Crude Oil Market Commentary for Thursday Morning June 28th

CME: August crude oil prices waffled between gains and losses throughout the initial morning hours, amid uncertainty ahead of the EU summit and slowing global growth prospects. The outside market tone provided a modest drag for the crude oil, with global equity markets weaker and slight gains in the US dollar. Additionally, slowing growth concerns have offset concerns that North Sea supplies have come under added strain from an oil worker strike in Norway. August crude oil prices climbed to a new four day high in response to yesterday's EIA data that showed an inventory decline of 133,000 barrels last week. EIA crude stocks are 27.697 million barrels above year ago levels and 41.847 million barrels above the five year average. Crude oil imports for the week stood at 9.118 million barrels per day compared to 9.445 million barrels the previous week. The refinery operating rate was up 0.7% to 92.6%, which compares to 88.1% last year and the five year average of 88.55%.

COT: Crude oil was slightly lower overnight as it consolidates around the 62% retracement level of the 2009-2012 rally crossing at 80.33. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 82.56 are needed to confirm that a short term low has been posted. If August extends this year's decline, the 75% retracement level of the 2009-2011 rally crossing at 73.28 is the next downside target. First resistance is the 20 day moving average crossing at 82.56. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2009-2011 rally crossing at 73.28.

In other crude oil trading news.....

Venezuela wants OPEC to set an oil price band of $80 to $120 a barrel to stem crude's recent tumble, seeking to revive a policy the cartel scrapped seven years ago.

France is considering a one off tax on the oil sector before the end of 2012 that would raise around 500 million euros ($623.55 million), helping depleted French coffers but hurting its struggling refining industry.

Brazil's state led oil company Petrobras said on Wednesday that May output rose 1.9 percent to an average of 2.60 million barrels a day of oil and natural gas equivalent (boepd) as offshore fields in Brazil restarted after maintenance shutdowns.

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Strong Resistance at 80.33 Proving Difficult for the Crude Oil Bulls

Crude oil closed higher due to short covering on Tuesday as it consolidates below the 62% retracement level of the 2011-2012 rally crossing at 80.33. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If August extends this spring's decline, the 75% retracement level of the 2011-2012 rally crossing at 73.28 is the next downside target. Closes above the 20 day moving average crossing at 83.31 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 83.31. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2011-2012 rally crossing at 73.28.

Natural gas closed higher on Tuesday as it extended this month's rally. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near term. If July extends this month's rally, May's high crossing at 2.838 is the next upside target. Multiple closes below the 20 day moving average crossing at 2.449 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 2.778. Second resistance is May's high crossing at 2.838. First support is the 20 day moving average crossing at 2.449. Second support is this month's low crossing at 2.168.

Gold closed lower on Tuesday and poised to renew the decline off last week's high. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If August extends last week's decline, May's low crossing at 1529.30 is the next downside target. Closes above the 10 day moving average crossing at 1602.60 are needed to temper the bearish outlook. First resistance is the 10 day moving average crossing at 1602.60. Second resistance is reaction high crossing at 1642.40. First support is the reaction low crossing at 1556.40. Second support is May's low crossing at 1529.30.

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Is this technical support for oil or a lift on tensions in Syria?

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CME: August crude oil prices took a slightly higher track during the initial morning hours, helped by a modest lift in outside market sentiment and expectations that week's EIA inventory report will show a draw. August Brent crude oil broke out to a new three day high during the initial morning hours, supported by a modest level of short covering, as well as expectations that US crude oil inventories drew down last week. The crude oil market also appears to be getting a modest lift from rising tensions in Syria. Meanwhile, the supply situation looks more than ample given soft economic data that continues to weigh on demand prospects and as Saudi Arabia continues their active production pace.

COT: August crude oil was slightly higher overnight as it consolidates some of this year's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term. If August extends this year's decline, the 75% retracement level of the 2009-2011 rally crossing at 73.28 is the next downside target. Closes above the 20 day moving average crossing at 83.31 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 83.31. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2009-2011 rally crossing at 73.28.

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Crude Oil, Natural Gas and Gold Market Commentary For Thursday Evening June 14th

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Crude oil closed higher on Thursday as it consolidates above the 87% retracement level of the 2011-2012 rally crossing at 81.36. The high range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If July renews this spring's decline, last October's low crossing at 77.05 is the next downside target. Closes above the 20 day moving average crossing at 87.21 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 87.03. Second resistance is the 20 day moving average crossing at 87.21. First support is Tuesday's low crossing at 81.07. Second support is last October's low crossing at 77.05.

Natural gas closed sharply higher on Thursday and above the 20 day moving average crossing at 2.487 signaling that a double bottom with April's low appears to have been posted. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish with today's rally hinting that sideways to higher prices are possible near term. Multiple closes above the 20 day moving average crossing at 2.487 are needed to confirm that a short term low has been posted. If July renews the decline off May's high, April's low crossing at 2.136 is the next downside target. First resistance is today's high crossing at 2.522. Second resistance is May's high crossing at 2.838. First support is today's low crossing at 2.168. Second support is April's low crossing at 2.136.

Gold closed higher on Thursday as it extends this week's rally off last Friday's low. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. If August renews the rally off May's low, April's high crossing at 1674.30 is the next upside target. Closes below the 20 day moving average crossing at 1591.10 are needed to confirm that a short term top has been posted. First resistance is the reaction high crossing at 1632.00. Second resistance is May's high crossing at 1674.30. First support is the 20 day moving average crossing at 1591.10. Second support is May's low crossing at 1529.30.

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Crude Oil Continues in Trading Range Slightly Above 87% Retracement

Crude oil closed lower on Wednesday but remains above the 87% retracement level of the 2011-2012 rally crossing at 81.36. The low range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If July renews this spring's decline, last October's low crossing at 77.05 is the next downside target. Closes above the 20 day moving average crossing at 87.66 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 87.03. Second resistance is the 20 day moving average crossing at 87.66. First support is Tuesday's low crossing at 81.07. Second support is last October's low crossing at 77.05.

Natural gas closed lower on Wednesday as it extended the decline off May's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If July renews the decline off May's high, April's low crossing at 2.136 is the next downside target. Closes above the 20 day moving average crossing at 2.496 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 2.496. Second resistance is May's high crossing at 2.838. First support is Tuesday's low crossing at 2.173. Second support is April's low crossing at 2.136.

Gold closed higher on Wednesday as it extends the rebound off last Friday's low. The high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If August renews the rally off May's low, April's high crossing at 1674.30 is the next upside target. Closes below the 20 day moving average crossing at 1586.90 are needed to confirm that a short term top has been posted. First resistance is the reaction high crossing at 1632.00. Second resistance is May's high crossing at 1674.30. First support is the 20 day moving average crossing at 1586.90. Second support is May's low crossing at 1529.30.

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Lack of Faith in Spain Deal Sends Crude Oil Lower....Much Lower

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Crude oil closed lower on Monday but remains above the 87% retracement level of the 2011-2012 rally crossing at 81.36. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 88.81 are needed to confirm that a low has been posted. If July renews this spring's decline, last October's low crossing at 77.05 is the next downside target. First resistance is the 10 day moving average crossing at 85.27. Second resistance is the 20 day moving average crossing at 88.81. First support is last Monday's low crossing at 81.21. Second support is last October's low crossing at 77.05.

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Natural gas closed lower on Monday renewing the decline off May's high. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but are bearish signaling that sideways to lower prices are possible near term. If July renews the decline off May's high, April's low crossing at 2.136 is the next downside target. Closes above the 20 day moving average crossing at 2.528 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 2.528. Second resistance is May's high crossing at 2.838. First support is today's low crossing at 2.198. Second support is April's low crossing at 2.136.

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Gold closed higher due to short covering on Monday as it consolidates some of last Thursday's decline. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1581.60 would confirm that a short term top has been posted. If August extends the rally off May's low, April's high crossing at 1674.30 is the next upside target. First resistance is the reaction high crossing at 1632.00. Second resistance is May's high crossing at 1674.30. First support is the 20 day moving average crossing at 1581.60. Second support is May's low crossing at 1529.30.

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