U.S. Dollar Closes Lower On Wednesday

The U.S. Dollar closed lower on Wednesday as it consolidated some of Monday's rally. The low range close sets the stage for a steady to lower opening on Thursday increasing the chance of crude oil moving higher. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September renews the rally off last week's low, the reaction high crossing at 83.69 is the next upside target. Closes below the reaction low crossing at 79.62 would temper the near term friendly outlook in the market.

First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69

First support is last Thursday's low crossing at 79.62
Second support is the reaction low crossing at 78.83

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Crude Consolidates Decline With High Range Close

Crude oil closed higher due to short covering on Wednesday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 67.43 would confirm that a short term top has been posted.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is today's low crossing at 69.00
Second support is the 20 day moving average crossing at 67.43

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Crude Oil Lower On Demand Concerns

Crude oil was lower overnight due to profit taking as it consolidates some of this spring's rally. 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 67.38 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Wednesday's pivot point, our line in the sand is 70.94

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the overnight low crossing at 69.66
Second support is the 20 day moving average crossing at 67.38

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U.S. Dollar Post Inside Day, Indicators Remain Bullish

The U.S. Dollar posted an inside day with a lower close on Tuesday as it consolidated some of Monday's rally. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

As of 10:30 EST the dollar was slightly higher in the over night session increasing the likelihood of a lower open in crude oil Wednesday morning. Supporting the bears case that a near term high in crude is in.

If September renews the rally off last week's low, the reaction high crossing at 83.69 is the next upside target. Closes below the reaction low crossing at 79.62 would temper the near term friendly outlook in the market.

First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69

First support is last Thursday's low crossing at 79.62
Second support is the reaction low crossing at 78.83

Today’s Stock Market Club Trading Triangles

Crude Oil Closes Lower, Sets Up Lower Open Wednesday

Crude oil closed slightly lower due to profit taking on Tuesday as it consolidated some of this spring's rally. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 66.90 would confirm that a short term top has been posted.

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.87
Second support is the 20 day moving average crossing at 66.90

Today’s Stock Market Club Trading Triangles

Natural Gas Consolidates Monday's Rally

Natural gas closed lower on Tuesday as it consolidated some of Monday's rally. 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 July extends Monday's rally, May's high crossing at 4.690 is the next upside target. Closes below the 10 day moving average crossing at 3.869 would confirm that a short term top has been posted.

First resistance is today's high crossing at 4.387
Second resistance is May's high crossing at 4.690

First support is the 10 day moving average crossing at 3.869
Second support is last Thursday's low crossing at 3.550

Crude Oil Falls as Equities Extend Losses, Daniel Bruno's Crude Oil Call

"Crude Oil Falls as Equities Extend Losses, Dollar Rebounds"
Crude oil fell, erasing earlier gains, as U.S. equities dropped and the dollar rebounded from intraday lows, reducing the appeal of commodities as an alternative investment. Oil retreated from gains of 3 percent, as the Standard & Poor’s 500 Index and Dow Jones Industrial Average dropped as much as 1.3 percent. The U.S. currency strengthened to $1.3832 against the euro after touching $1.3933, the weakest level since May 21. “We started the day out with the idea that we’d have both a weaker dollar and a higher.....Complete Story

"Sinopec Plans 1st Deep Water Well in South China Sea"
China Petroleum & Chemical Corp. is aiming to drill its first deepwater well next year in the South China Sea, ending a moratorium on exploration in waters close to acreage disputed by Vietnam, two company officials said Tuesday. The company, known as Sinopec, has begun a 3D seismic survey in an area of 1,250 square kilometers in the Qiongdongnan basin and drilling at the best prospects will follow, said the officials, declining to be named.Sinopec has a license to explore more than 8,000 sq km in the Qiongdongnan basin, including some blocks in territorial waters claimed by Vietnam.....Complete Story

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"Analyst Daniel Bruno: Crude Oil Poised to Break $79, Head to $93"
Crude oil is poised to break $79 and rise to at least $93 a barrel by late August, according to technical analysis by fund manager Daniel Bruno, reaffirming a prediction he first made in December. “Crude held above $70 a barrel support yesterday, which is a good sign,” said Bruno, the head of CEO Capital Management in New York and a chartered market technician. “If crude maintains $70, there could be a breakout above $79 by the end of June.” Bruno on Dec. 23 called for crude to rebound from below $40 a barrel up to $93. He said yesterday in a telephone interview that crude was.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Stochastics and RSI Hinting Short Term Top

Crude oil was higher overnight as the U.S. Dollar was slightly lower on a small bullish bounce in the Euro. Stochastics and the RSI are diverging and are bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 66.96 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Crude oil's pivot point, the line in the sand is 70.85

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.99
Second support is the 20 day moving average crossing at 66.96

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Natural gas was higher overnight as it extends Monday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If July extends the overnight rally, the reaction high crossing at 4.284 is the next upside target.

The natural gas pivot point for Tuesday is 4.07

First resistance is the overnight high crossing at 4.257
Second resistance is the reaction high crossing at 4.284

First support is the 10 day moving average crossing at 3.884
Second support is last Thursday's low crossing at 3.550

How Can You Tap Into Oil's Potential?

Dan Dicker of The Street .Com breaks down crude's recent run up and reveals two stocks that could pop, if oil pushes even higher.