COT Market Summary for Monday - Crude Oil, Natural Gas, SP 500, Gold and Coffee

October crude oil posted an inside day with a lower close on Monday as it consolidated some of the rally off April's low. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. If October renews this summer's rally, weekly resistance crossing at 114.83 is the next upside target. Closes below the 20 day moving average crossing at 107.28 are needed to confirm that a short term top has been posted. First resistance is August's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20 day moving average crossing at 107.28. Second support is the reaction low crossing at 103.50.

Ready to start trading crude oil? Start right here....Advanced Crude Oil Study – 15 Minute Range

October Henry natural gas closed higher due to short covering on Monday as it consolidated some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday. 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 3.518 would confirm that a short term top has been posted. If October renews the rally off August's low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20 day moving average crossing at 3.518. Second support is August's low crossing at 3.154.

How to Trade Small Cap Stocks and 3x ETF's Current Setups

The December S&P 500 closed higher on Monday and above the 20 day moving average crossing at 1646.62 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If December extends the rally off August's low, the reaction high crossing at 1684.40 is the next upside target. Closes below the 10 day moving average crossing at 1638.32 would confirm that a short term top has been posted. First resistance is today's high crossing at 1662.00. Second resistance is the reaction high crossing at 1684.40. First support is the 10 day moving average crossing at 1638.32. Second support is August's low crossing at 1621.00.

Advanced Swing Trading methods from one of my favorite hedge fund managers. For free!

October gold closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If October extends last week's decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10 day moving average crossing at 1398.60 would temper the near term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August's low crossing at 1272.10.

The Gold & Oil Guys new Gold, Silver, & Mining Stocks Trade Setups

December coffee closed unchanged on Monday. The mid range close set the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 119.46 would confirm that a low has been posted.

Click Here to Subscribe to our Free Market Technical Analysis and Commentary

The Market Trend Forecast....Our Latest Market and Gold Views

The staff at TMTF have continued to correctly project the wave patterns for months now for their subscribers in the SP 500 Index. Their latest views were to look for a minor wave 3 top at 1698 with a pullback minor wave 4. They hit that on the nose with a 23.6% fibonacci retracement of minor wave 3 as the index hit 1676.

Since that point, TMTF outlined a Wave 5 pattern that should take the SP 500 to 1736-1771. Several weeks ago they patterned out 1768-1771 as a perfect target for a Major wave 3 high. This will be followed by a 125-200 point SP 500 correction if we are correct.

Below is the latest chart update outlining what we project ahead. A run to 1736-1771, followed by a 120-200 point correction for Major Wave 4 in the SP 500. Subscribers get multiple updates each week.

Click here to join us today for a 33% discount at Market Trend Forecast




Get our FREE Trading Webinars Today!

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.

Get our FREE Trading Webinars Today!

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.


Get our FREE Trading Webinars Today!

They Just Rang A Bell On Gold and Gold Stocks

Our trading partner David A. Banister of Market Trend Forecast has been the go to guy on gold and precious metals. Let's check in with Banister and see if he thinks the bottom is in for gold.

As they say on Wall Street, “They don’t ring bells at the top” and for sure they usually don’t give you a phone call at the bottom either. Many heads have rolled trying to call this recent near 2 year downdraft in Gold in terms of bottom callers, me included. I thought we would never get much below 1440 or so from the 1923 highs, but alas we all know we did.

What makes me think that last week put in the final Gold low for the bear cycle? Too many things to mention, but based on the work I do enough to give me some chutzpah to make this call now. The 1180’s are very close to a classic ABC 61.8% Fibonacci retracement of the prior 34 month bull cycle. That cycle ran from October 2008 to August 2011 with a rally from $681 to $1900’s area. The most recent 21 plus month decline dropped right into the 61% pivot retracement of that entire move, and over a Fibonacci 21 month period as well! Human behavior does repeat over and over again, and as we all know in hindsight at the tops everyone is bullish and at the bottoms everyone is bearish.

I think it’s pretty much as simple as that. Investors get overly optimistic and exuberant in all kinds of asset classes and finally at the highs everyone believes the rally can only go on and on forever. At the opposite near the bottoms nearly everyone is calling for lower prices and further catastrophe ahead. Stocks in the sector are priced for near bankruptcy. Newsletter writers are universally bearish, and the small trader has a big short position. Only a few weeks ago the Bullish Percentile index measurement on the Gold Stock Index was at 0! That means nobody was bullish on the Gold stocks by the measure that is used. We quickly had an 8% rally in the index after that reading, then in the last few weeks we came all the way back down again to even lower levels!

If you watched the action last Thursday as Gold was melting down below $1200 a curious thing happened. The gold miners were ignoring the move and going green! On Friday, as Gold reversed to 1234 they went ballistic with one of my favorite miners going up 16% on Friday alone on the highest volume in 5 years! Those are the signals I’ve been waiting for to call the capitulation lows. My guess is some money managers are front running the coming 3rd quarter rotation they see in Gold and Gold Miners, Copper, Coal, and other commodity stocks.

So below is my basic GLD ETF multiyear chart using very simple monthly views to see the big picture. You can see a classic ABC pattern of bear market correction and now a near 61.8% perfect Fibonacci retracement of the prior leg up. I’d say enough is enough, pick your spots and start buying.




Don't miss a single call from David Banister....sign up here today!


The Bible for Commodity Traders....Get our free eBook now!

Final Stages of the Advance on SP 500....The Wave Pattern

Our trading partner David Banister has been projecting a potential rally pivot at 1552-1576 for many weeks now. The recent drop to 1485 although harrowing, was a normal fibonacci retracement of the last major rally leg to 1531 pivot highs. Banister believes that this 5 wave advance 1343 pivot lows is nearing an end based on mathematics and relationships to prior waves 1-3.

At 1569 the SP 500 would mark a perfect fibonacci relationships to waves 1-3 for this final 5th wave to the upside. In the big picture, we are still working higher off the 1010 pivot lows on the SP 500, and this rally takes 5 full waves to complete. He thinks we are near wave 3 highs, and wave 4 correction would be up next, followed by another thrust to highs if all goes well this year.

That all said, a multi-week correction and consolidation wave 4 pattern is likely once we pivot at 1552-1576. We should expect this correction to retrace anywhere from 80 -100 points on the SP 500, but one week at a time.

Click here to see his updated pattern views and sign up for free reports.

Get our Free Trading Videos, Lessons and eBook today!

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.

Get our Free Trading Videos, Lessons and eBook today!

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.

Get our Free Trading Videos, Lessons and eBook today!

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

20 Survival Skills for the Crude Oil Trader

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.

Get our Free Trading Videos, Lessons and eBook today!

Crude Oil Bears Supported by Lack of Confidence in European Debt Crisis and China Numbers

Get ready for tomorrows trading....Get today's 50 top trending stocks!

Crude oil closed lower on Monday as it consolidates below the 62% retracement level of the 2011-2012 rally crossing at 80.33. The mid range close sets the stage for a steady opening when Tuesday's night session begins. Stochastics and the RSI are diverging 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 83.91 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 83.91. 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 Monday as it extended this month's rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to 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 2.434 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 2.731. Second resistance is May's high crossing at 2.838. First support is the 20 day moving average crossing at 2.434. Second support is this month's low crossing at 2.168.

Gold closed higher due to short covering on Monday as it consolidates some of this month'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 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 1606.40 are needed to temper the bearish outlook. First resistance is the 10 day moving average crossing at 1606.40. 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.

Get our Free Trading Videos, Lessons and eBook today!

Crude Oil Weekly Technical Outlook For Saturday June 9th

From the staff at Oil N'Gold......

Crude oil turned into sideway consolidation after edging lower to 81.21 initially. Recovery was limited by 4 hours 55 EMA but there was no follow through selling. Initial bias is neutral this week and we'd likely see more consolidative trading ahead. Above 87.03 will bring another rise but upside should be limited by 92.21 resistance and bring fall resumption eventually. Below 81.21 will send crude oil through 80 psychological level to test on 74.95 key support.

In the bigger picture, price actions from 114.84 are developing into a three wave consolidation pattern. And, the third leg should have already started at 110.55. Deeper fall should eventually be seen to 74.95 low and possibly below. Though, we'd likely see strong support from 64.23 cluster level, 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise. Hence we'll look for reversal signal below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

Nymex Crude Oil Continuous Contract 4 Hour, Daily, Weekly and Monthly Charts

Check out our latest Video, Market Analysis and Forecast for the Dollar, Crude Oil, Gold, Silver, and the SP500

Crude Oil Bulls Get Some Help From 87% Retracement Level

Get our Free Trading Videos, Lessons and eBook today!

Crude oil closed higher due to short covering on Monday as it bounced off 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 Tuesday'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 July extends this month's decline, last October's low crossing at 77.05 is the next downside target. Closes above the 20 day moving average crossing at 92.14 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 88.86. Second resistance is the 20 day moving average crossing at 92.14. First support is today's low crossing at 81.21. Second support is last October's low crossing at 77.05.

20 Survival Skills for the Trader

Natural gas closed higher due to short covering on Monday as it consolidated some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If July extends last week's decline, the reaction low crossing at 2.166 is the next downside target. Closes above the 20 day moving average crossing at 2.576 would confirm that a short term low has been posted First resistance is the 20 day moving average crossing at 2.576. Second resistance is the reaction high crossing at 2.838. First support is last Friday's low crossing at 2.313. Second support is the reaction low crossing at 2.166.

6 Things Successful Traders Have in Common

Gold closed lower on Monday as it consolidates some of last Friday's rally. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain bullish signaling sideways to higher prices are possible near term. If August extends last Friday's rally, April's high crossing at 1674.30 is the next upside target. If August renews the decline off February's high, the 75% retracement level of the 2010-2011 rally crossing at 1461.30 is the next downside target. First resistance is last Friday's high crossing at 1632.00. Second resistance is April's high crossing at 1674.30. First support is the reaction low crossing at 1529.30. Second support is the 75% retracement level of the 2010-2011 rally crossing at 1461.30.

We are extending our “Trade Triangle Technology” 30 day trial and it’s only $8.95!

Crude Oil Closes Below 62% Retracement Causing Severe Chart Damage

Get our Free Trading Videos, Lessons and eBook today!

Crude oil closed lower on Wednesday and below the 62% retracement level of the 2011-2012 rally crossing at 90.26 as it renewed the decline off March's high. The low range close sets the stage for a steady to lower opening when Thursday'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 July extends this month's decline, the 75% retracement level of the 2011-2012 rally crossing at 85.69 is the next downside target. Closes above the 20 day moving average crossing at 94.79 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 91.22. Second resistance is the 20 day moving average crossing at 94.79. First support is today's low crossing at 87.39. Second support is the 75% retracement level of the 2011-2012 rally crossing at 85.69.

Get Today's 50 Top Trending Stocks

Natural gas closed lower on Wednesday as it extended yesterday's breakout below the 20 day moving average crossing at 2.576. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. If July extends this week's decline, the reaction low crossing at 2.338 is the next downside target. If July renews the rally off April's low, February's high crossing at 3.104 is the next upside target. First resistance is the reaction high crossing at 2.838. Second resistance is February's high crossing at 3.104. First support is today's low crossing at 2.393. Second support is the reaction low crossing at 2.338.

6 Things Successful Traders Have in Common

Gold closed higher due to short covering 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 bullish signaling sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1591.30 are needed to confirm that a short term low has been posted. If June renews the decline off February's high, the 38% retracement level of the 2008-2011 rally crossing at 1487.50 is the next downside target. First resistance is the 20 day moving average crossing at 1586.30. Second resistance is the reaction high crossing at 1599.00. First support is the reaction low crossing at 1526.70. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1487.50.

How to Risk Less When You Trade

Crude Oil Charts Collapse Including Trades Below the $90 Level

Don't miss our "Gold and Silver Long Term Signals"

Crude oil closed lower on Wednesday and below the 62% retracement level of the 2011-2012 rally crossing at 90.26. The mid range close sets the stage for a steady opening when Thursday'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 July extends this month's decline, the 75% retracement level of the 2011-2012 rally crossing at 85.69 is the next downside target. Closes above the 20 day moving average crossing at 97.93 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 93.63. Second resistance is the 20 day moving average crossing at 97.93. First support is today's low crossing at 89.28. Second support is the 75% retracement level of the 2011-2012 rally crossing at 85.69.

Natural gas closed higher on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off last week's low, February's high crossing at 3.040 is the next upside target. Closes below the 20 day moving average crossing at 2.448 would signal that a short term top has been posted. First resistance is last Friday's high crossing at 2.759. Second resistance is February's high crossing at 3.040. First support is the 10 day moving average crossing at 2.593. Second support is the 20 day moving average crossing at 2.448.

Gold closed lower due to profit taking 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 bullish signaling a low might be in or is near. Closes above the 20 day moving average crossing at 1607.60 are needed to confirm that a short term low has been posted. If June renews the decline off February's high, the 38% retracement level of the 2008-2011 rally crossing at 1487.50 is the next downside target. First resistance is the 20 day moving average crossing at 1607.60. Second resistance is this month's high crossing at 1672.30. First support is last Wednesday's low crossing at 1526.70. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1487.50.

Let's see what were Today's 50 Top Trending Stocks!

ONG: Crude Oil Weekly Technical Outlook

Get Today's 50 Top Trending Stocks

Crude oil dropped further to as low as 90.93 last week and broke mentioned 92.52 support. Initial bias remains on the downside this week and further fall should be seen to 61.8% retracement of 74.95 to 100.55 at 88.55. Strong support is anticipated at this 88.55 fibonacci level to bring rebound. On the upside, above 94.16 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 100.68 support turned resistance and bring another fall.

In the bigger picture, price actions from 114.84 are developing into a three wave consolidation pattern. And, the third leg should have already started at 110.55. Deeper fall should eventually be seen to 74.95 low and possibly below. Though, we'd likely see strong support from 64.23 cluster level, 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise. Hence we'll look for reversal signal below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

Nymex Crude Oil Continuous Contract 4 Hour, Daily, Weekly and Monthly Charts

This should create some controversy, when is the best time of day to profit?

Crude Oil Falls Below 50% Retracement Level, Gold Bounces on Short Covering

Here is the simple truth about trends

Crude oil closed lower on Thursday extending this week's breakout below the 50% retracement level of the 2011-2012 rally crossing at 93.99. The low range close sets the stage for a steady to lower opening on Friday.

Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If June extends this month's decline, the 62% retracement level of the 2011-2012 rally crossing at 89.90 is the next downside target. Closes above the 20 day moving average crossing at 100.02 are needed to confirm that a low has been posted.

First resistance is the 10 day moving average crossing at 95.75. Second resistance is the 20 day moving average crossing at 100.02. First support is Wednesday's low crossing at 91.81. Second support is the 62% retracement level of the 2011-2012 rally crossing at 89.90.

6 Things Successful Traders Have in Common

Natural gas closed lower due to light profit taking on Thursday. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the 25% retracement level of the 2011-2012 decline crossing at 2.757 is the next upside target. Closes below the 20 day moving average crossing at 2.327 would signal that a short term top has been posted.

First resistance is today's high crossing at 2.676. Second resistance is the 25% retracement level of the 2011-2012 decline crossing at 2.757. First support is the 10 day moving average crossing at 2.464. Second support is the 20 day moving average crossing at 2.327.

Get Today's 50 Top Trending Stocks

Gold closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near term. If June extends the decline off February's high, the 38% retracement level of the 2008-2011 rally crossing at 1487.50 is the next downside target. Closes above the 20 day moving average crossing at 1619.60 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 1589.00. Second resistance is the 20 day moving average crossing at 1619.60. First support is Wednesday's low crossing at 1526.70. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1487.50.

How to Risk Less When You Trade

President Obama Looks into Oil Manipulation … Pure Political Theater

This is just pure political pandering to the masses. The world oil market does not just revolve around the US anymore. India and China are increasing players and are buying more oil in the world markets. It is the demand from the world for energy that is pushing prices higher, not the speculators.

And speaking of higher, crude oil [May contract] closed higher on Tuesday as it extended the rally off last week's low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that a low might be in or is near.

Closes above the 20 day moving average crossing at 104.25 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target.

First resistance is the 20 day moving average crossing near 104.25. Second resistance is the reaction high crossing at 105.49. First support is last Tuesday's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

Get 4 FREE Trading Videos from INO TV!

Crude Oil Ends The Week on a Sour Note

Crude oil [May contract] closed lower on Friday ending a two day bounce off Tuesday's low. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20 day moving average crossing at 104.69 are needed to confirm that a short term low has been posted. If May extends the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. First resistance is the 20 day moving average crossing near 104.69. Second resistance is the reaction high crossing at 105.49. First support is Tuesday's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

Natural gas [May contract] closed slightly higher due to light short covering on Friday. The high range close sets 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. If May extends the multi year decline, monthly support crossing at 1.960 is the next downside target. Closes above the 20 day moving average crossing at 2.218 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 2.078. Second resistance is the 20 day moving average crossing at 2.218. First support is today's low crossing at 1.959. Second support is monthly support crossing at 1.620.

Gold [June contract] closed lower on Friday and the low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near term. Closes above last Monday's high crossing at 1685.40 are needed to confirm that a short term low has been posted. If June extends the decline off February's high, the 75% retracement level of the December-February rally crossing at 1595.00 is the next downside target. First resistance is last Monday's high crossing at 1685.40. Second resistance is the reaction high crossing at 1699.60. First support is last Wednesday's low crossing at 1613.00. Second support is the 75% retracement level of the December-February rally crossing at 1595.00.

Get Your FREE Preview of INO TV

Can Crude Oil Bulls Rebound off of Mondays High Range Close

Crude oil [May contract] closed lower on Monday however the high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If May extends the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. Closes above the 20 day moving average crossing at 105.47 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing near 104.20. Second resistance is the 20 day moving average crossing at 105.47. First support is today's low crossing at 100.81. Second support is the 38% retracement level of the October-March rally crossing at 97.84.


Let's take a look at today's "50 Top Trending Stocks"

Low Range Close in Crude Oil Gives The Bears Technical Advantage For Tuesday

Crude oil [April contract] posted an inside day with a lower close on Monday as it consolidated some of the rally off October's low. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If April extends this month's rally, the 2011 high crossing at 114.09 is the next upside target. Closes below the 20 day moving average crossing at 101.75 would confirm that a short term top has been posted. First resistance is last Friday's high crossing at 109.95. Second resistance is the 2011 high crossing at 114.09. First support is the 10 day moving average crossing at 104.95. Second support is the 20 day moving average crossing at 101.75.

Natural gas [April contract] closed lower on Monday and the low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near term. If April renews the multi year decline, monthly support crossing at 1.960 is the next downside target. Closes above the reaction high crossing at 2.942 are needed to confirm that a short term low has been posted. First resistance is the reaction high crossing at 2.942. Second resistance is January's high crossing at 3.210. First support is January's low crossing at 2.438. Second support is monthly support crossing at 1.960.

Gold [April contract] closed lower due to profit taking on Monday as it consolidated some of this week's rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term. If April extends the rally off December's low, the 75% retracement level of the September-December decline crossing at 1825.20 is the next upside target. Closes below the reaction low crossing at 1706.40 are needed to confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 1789.50. Second resistance is the 75% retracement level of the September-December decline crossing at 1825.20. First support is the reaction low crossing at 1706.40. Second support is the reaction low crossing at 1652.20.

What To Expect in the Final Week Of February for Precious Metals, Gold Stocks & Dollar