Waiting for Crude Oil to Reverse to the Downside

My optimal pullback target zone for the PowerShare DB Double Short Oil ETN (NYSE: DTO) is 82.00-79.00, which has been met today. However, so far the inability of the DTO to turn up with sustainability and leave little doubt that the correction off of the 7/13 high at 99.50 is complete is bothersome, and suggests perhaps that more corrective weakness is forthcoming ahead of my anticipation of a powerful upside pivot reversal.
Let’s notice that there is an unfilled gap from July 2 between 77.70 and 76.15 which might have to be satisfied.....Complete Story

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Daily Oil Prices with Anna Coulling

A year after the peak in the commodity cycle, and an all time high for crude oil prices, this week sees all seven of the world's largest private sector oil groups reporting half year results, starting with BP on Tuesday. Although the main focus for oil investors will be to see how successful these companies have been in coping with the subsequent dramatic fall in crude, the recent, and equally dramatic, recovery in daily oil prices will determine the scope that oil companies (and producer countries) will have to fund future investment plans.....Complete Story

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Where is Crude Oil Likely Headed For Tuesday

CNBC's Rebecca Jarvis discusses the day's news in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




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Oil Rises, But Will Rally Continue?

Crude oil on the New York Mercantile Exchange Monday rose again continuing its recent rally. Closing above $68 today, the increase in the price of oil was spurred by positive economic news about US home sales. Settling 33 cents above Friday's close, the price of crude oil rose to $68.38 a barrel in trading Monday on the NYMEX. Just two weeks ago, the price of oil was below $60 in a correction that brought prices down from a high of near $73.....Complete Story


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Oil Majors Appear Poised to Test Mid Term Neutral Resistance Levels

Oil majors appear poised to test mid term neutral resistance levels as we move into a week loaded with earnings reports from the major oil companies. Crude oil closed higher on today extending the rally off this month's low. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are becoming overbought but remains bullish signaling that sideways to higher prices are possible near term.

If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.94 would confirm that a short term top has been posted.

First resistance is today's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.94
Second support is the reaction low crossing at 63.76

Today’s Stock Market Club Trading Triangles

Natural gas closed lower on Monday due to light profit taking but remains above the 20 day moving average crossing at 3.706. The mid range close sets the stage for a steady opening on Tuesday. 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 3.706 would temper the near term friendly outlook.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.23

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Gasoline Extends Rally to 10 Days, Longest Since at Least 2005

Gasoline futures rose a 10th straight day, the longest rally in the history of the contract, on refinery shutdowns and a weaker dollar, which increases the investment appeal of commodities. Total SA has shut units at its 240,000 barrel a day refinery in Port Arthur, Texas. The dollar fell as low as $1.4298 per euro, the lowest level since June 3. “It seems as if all of a sudden the gasoline market is leading the way and it looks as if nothing is really stopping the rally,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.....Complete Story


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California Nixes PXP's Offshore Tranquillon Ridge Project

Plains Exploration & Production Company ("PXP") has announced an update on its Tranquillon Ridge (T-Ridge) project. On July 24, 2009, despite support of California Governor Schwarzenegger and bipartisan approval by the California State Senate, the California State Assembly failed to approve legislation authorizing a path forward for PXP's T-Ridge project. Support for T-Ridge has come from Santa Barbara County, the California State Senate, the Governor and a large environmental coalition, including the Environmental Defense Center, Trust for Public Land, and "Get Oil Out", as well as firefighters and peace officers throughout the state.....Complete Story

Trade Signals Remain Bullish For Crude Oil, Natural Gas SignalsTurning Bearish

Crude oil was higher overnight as it extends the rally off this month's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.95 would temper the near term friendly outlook in the market.

Crude oil's pivot point for Monday is 67.57

First resistance is the overnight high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.95
Second support is the reaction low crossing at 63.76

Today’s Stock Market Club Trading Triangles

Natural gas was lower overnight due to profit taking as it consolidates above the 20 day moving average crossing at 3.706. 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 3.706 would temper the near term friendly outlook in the market.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

The natural gas pivot point for Monday is 3.64

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.37


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Crude Oil Rises as Asian Equity Gains May Spur Demand for Fuels

Crude oil rose to the highest in more than three weeks on expectations that gains in Asian equity markets are the precursor to a recovery in the global economy that will spur fuel demand. Oil also gained after investors sought commodities as a hedge against inflation as the dollar traded near a seven week low against the euro. The MSCI Asia Pacific Index climbed 1 percent today, the 10th straight increase and the longest winning streak since January 2004.....Complete Story


Can You Learn to Trade Crude Oil in Just 90 Seconds?