Crude Oil Hits Fresh 5 1/2 Month High

June crude oil closed up $0.23 at $58.73 a barrel today. Prices closed near mid range today and did hit a fresh 5 1/2 month high. Bulls do still have the near
term technical advantage. A steep three week old uptrend is in place on the daily bar chart.

June heating oil closed up 66 points at $1.5075 today. Prices closed near mid range again today. Prices hit a fresh four month high today. Bulls and bears are on a level near term technical playing field.

June unleaded gasoline closed down 130 points at $1.6672 today. Prices closed nearer the session low today. Bulls still have some upside technical momentum. However, the market is still short term overbought, technically.

June natural gas closed up 18.8 cents at $4.49 today. Prices closed near the session high today and hit a fresh six week high. Bulls have gained upside near term technical momentum recently to finally suggest that a major market low is in place.

The June U.S. dollar index closed down 37 points at 82.42 today. Prices closed nearer the session low and hit a fresh 4 1/2 month low today. Prices are in a nine week old downtrend on the daily bar chart. Bears have the near term technical advantage.


Today’s Stock Market Club Trading Triangles


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Crude Oil Closes Lower, Bulls Still Have Technical Advantage

June crude oil closed down $0.28 at $58.35 a barrel today. Prices closed near the session high today after prices Friday hit another fresh four month high. Bulls do still have the near term technical advantage.

June heating oil closed down 189 points at $1.4995 today. Prices closed near mid range today. Bears still have the slight overall technical advantage.

June unleaded gasoline closed down 270 points at $1.6785 today. Prices closed near mid range today. Bulls still have upside technical momentum. However, the market is still short term overbought, technically.

June natural gas closed down 2 1/2 cents at $4.286 today. Prices closed near mid range today. While the bears still have the overall near term technical advantage, the bulls have gained fresh near term technical momentum recently to finally suggest that a major market low is in place.

The June U.S. dollar index closed up 16 points at 82.80 today. Prices closed nearer the session high after hitting a fresh 4 1/2 month low early on today. Short covering in a bear market was featured. Bears still have the near term technical advantage.

The U.S. stock indexes closed mostly lower today on some more profit taking pressure from recent solid gains and on lingering worries about the U.S. economy and when any recovery can be sustained. The bulls need to step up and show fresh power soon to keep their upside momentum going after prices have rallied strongly off the March lows.


Today’s Stock Market Club Trading Triangles


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Crude Oil's Low Range Close Sets Up Lower Opening For Wednesday

June crude oil closed lower due to profit taking on Tuesday as it consolidates some of its recent gains. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends the rally, April's high crossing at 55.85 is the next upside target. Closes below the 10 day moving average crossing at 51.36 are needed to confirm that a short term low has been posted.

First resistance is today's high crossing at 54.83.
Second resistance is April's high crossing at 55.85.

First support is the 20 day moving average crossing at 51.56.
Second support is the 10 day moving average crossing at 51.36.

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The June Dollar closed higher due to short covering on Tuesday as it consolidated some of Monday's decline. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If June extends the decline, March's low crossing at 83.14 is the next downside target. Multiple closes above the 20 day moving average crossing at 85.46 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 85.09.
Second resistance is the 20 day moving average crossing at 85.46.

First support is today's low crossing at 83.62.
Second support is March's low crossing at 83.14.

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The June S&P 500 index closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20 day moving average crossing at 856.13 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 904.90.
Second resistance is January's high crossing at 937.00.

First support is the 10 day moving average crossing at 868.18.
Second support is the 20 day moving average crossing at 856.13.



Barclay's reported today that they see Crude oil trading $71 dollars in the near future. Do you agree? Please feel free to comment!



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