Trend Analysis For DXO

A lot of our readers use ticker DXO for going long crude oil so we thought we would share an example of what our Smart Scan technology can do. Just Click Here to sign up to get these free trend analysis in your in box everyday.

Smart Scan Chart Analysis for DXO shows the current downward trend is at a crossroads and has possibly ended. Look for choppy trading action in the near term. Look for a very weak downtrend and trade with very tight stops.

Based on a pre-defined weighted trend formula for chart analysis, DXO scored -60 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10........Last Hour Close Above 5 Hour Moving Average
-15........New 3 Day Low on Friday
-20........Last Price Below 20 Day Moving Average
-25........New 3 Week Low, Week Ending July 11th
+30........New 3 Month High in June
-60........Total Score



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Crude Oil Closes Lower, Natural Gas Also Gaps Down

Crude oil closed slightly lower on Monday as it extended this month's decline. The mid range close sets the stage for a steady 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 August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 66.99 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 63.87
Second resistance is the 20 day moving average crossing at 66.99

First support is today's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas gapped down and closed lower on Monday as it extended the decline off June's high. A short covering rally tempered early loses and the mid range close sets the stage for a steady 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 August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.819 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.52
Second resistance is the 20 day moving average crossing at 3.82

First support is today's low crossing at 3.23
Second support is weekly support crossing at 3.16

Pickens Turning Attention to Natural Gas

T. Boone's Pickens, whose ambitious Texas wind farm plan ran into distribution problems, is turning to natural gas in his attempt to lessen U.S. dependence on foreign oil. Two years ago Pickens, a Texan who became a billionaire in the oil business and now runs the BP Capital Management hedge fund, announced that he planned to erect the largest wind farm in the world in the Texas Panhandle. He foresaw a farm of more than 400,000 acres on land.....Complete Story

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Technical Analysis: Oil May Dive to $50 If Bull Defense Fails

Crude oil prices may plunge to $50 a barrel, a level the commodity hasn’t seen in more than two months, after closing below $60 last week, according to analyst Stephen Schork. Oil, which dropped 10 percent in New York in the week ended July 10, is in a “consolidation pattern” between $61.25 and $58.59, said Schork, president of Schork Group Inc, an energy trading consultant in Villanova, Pennsylvania. The prices correspond to the 50 percent and 62 percent Fibonacci retracement levels, he said. “If the bulls are going to put up a defense, then it is going to be here,” Schork said in a report today......Complete Story

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Kuwait Oil Official: OPEC May Not Need to Act on $60 Crude

Oil prices dropping to just below $60 a barrel Friday may not warrant action by the Organization of Petroleum Exporting Countries when the group next meets in September, a senior Kuwaiti oil official said Sunday. "Action is not just related to prices but supply and demand and other factors," said Nawal Al Fuzaia, assistant undersecretary of economic affairs at Kuwait's oil ministry. Nymex front month crude oil futures Friday slid $0.52 to settle at $59.89 a barrel, the lowest price since May 19, and down about 60% on the intraday.....Complete Story

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Crude Oil Higher on Light Short Covering and Consolidation

Crude oil was steady to slightly higher due to light short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.00 are needed to confirm that a short term low has been posted.

Monday's pivot point for crude oil, our line in the sand is 59.83

First resistance is the 10 day moving average crossing at 63.89
Second resistance is the 20 day moving average crossing at 67.00

First support is last Friday's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58

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Crude Oil & Energy Update - Interview with the CME Group's Joseph Ria

When you hear the news reporters talk about the price of
crude oil in the marketplace, they're generally talking about
WTI, which is West Texas Intermediate crude oil. It's a very light, sweet crude oil and the highest grade that's out there.


Just Click Here For Complete Video Interview


Crude oil is based on and priced on the amount of sulfur that's
in the oil. It makes it easier or harder to refine base on the
amount of sulfur. WTI being the lightest and sweetest, is the
highest priced crude oil in the marketplace.

It is a benchmark delivered in Cushing, Oklahoma.

In benchmarks for crude oil and global pricing of crude oil, WTI
probably prices about 50% of the global pricing of crude oil.
Brent being basically the other pricing benchmark. There's two
out there, Brent being a little of a mixture of three different
grades of crude oil; BF&O, Brent 40 and Ossenberg. They're
all produced in the North Sea.

Please visit the link below to stream live the rest of the complimentary article from Joseph Ria. The link below will also give you exclusive access to three more video seminars and articles!

Just Click Here For Complete Video Interview

Please feel free to leave a comment and let our readers know where you think crude oil is headed.

U.S. Gasoline Falls to $2.5573 a Gallon, Survey Finds

The average price of regular gasoline at U.S. filling stations fell to $2.5573 a gallon as supplies of the fuel rose and crude oil prices dropped amid weakened demand.
Gasoline dropped 10.4 cents in the two weeks ended July 10, according to a survey of 5,000 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst.
“These lower prices are from lower crude oil prices and from reduced demand from the poor economy,” Lundberg said in an interview today.....Complete Story

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Oil Caps the Biggest Weekly Fall Since January on Demand Drop

Crude oil fell, capping its biggest weekly decline since January, on concern the global recession will curb energy consumption and as a stronger dollar reduced demand for commodities. Oil has plunged 10 percent this week on speculation fuel use in the U.S., the biggest energy using nation, will drop. The greenback has risen 0.7 percent against most major currencies since the beginning of the month.....Complete Story

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Crude Oil Closes Lower on Continued Demand Concerns

Crude oil closed lower on Friday as it extended this week's decline. The mid range close sets the stage for a steady 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 August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.56 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 65.04
Second resistance is the 20 day moving average crossing at 67.56

First support is today's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58

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Natural Gas Falls as Supply Glut and Recession Weigh on Market

Natural gas futures fell in New York for the eighth day out of nine as bulging supplies of the power plant and industrial fuel weigh on the market. The Energy Department said yesterday that inventories of the fuel swelled 75 billion cubic feet to 2.796 trillion cubic feet last week, 19 percent higher than the five-year average for this time of year. “The weak fundamentals are dominating,” said Michael Fitzpatrick, vice president for energy at MF Global Ltd.....Complete Story

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New Video: How to Improve Your ETF Trading Instantly!

How trade triangles can help you trade in the ETF markets

Today we will be looking at our trade triangle technology and how it can help you time the ETF markets successfully.

In this short video I will show you exactly how to use our trade triangle technology in the ETF markets.

You can watch this video with our compliments and there is no registration requirements. We would love to get your feedback about this video so please feel free to leave a comment.

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Crude Oil Extends This Weeks Decline Overnight

Crude oil was lower overnight as it extends this week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.55 are needed to confirm that a short term low has been posted.

Friday's pivot point, our line in the sand is 60.45

First resistance is 61.65, second resistance is 62.82

First support is 59.28, second support is 58.08

Today’s Stock Market Club Trading Triangles

Sharon Epperson: Where Is Oil Likely Headed For Friday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed Friday.




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China Steps up Buying Spree in Africa

China's oil companies, buoyed by the country's foreign exchange reserves that now top $2 trillion for the first time, are on another buying spree in Africa, further challenging the century long domination of the continent's mineral wealth by Europe's great powers. So intense is Beijing's drive for wider access to energy resources to fuel China's economic growth that its main state run oil companies are now competing among themselves. The Big Three China National Petroleum Corp., Sinopec and the China National Offshore Oil Corp. are all likely to be among the top bidders when one of West Africa's newest oil producers.....Complete Story

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CME Boss On Oil Speculation

CME chairman Terry Duffy talks to Fox Business about oil speculation and what effect government involvement could have on the commodities market.



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Thursday's Action......A Consolidation Day For Crude Oil

Crude oil closed slightly higher due to light short covering on Thursday as it consolidates below the 38% retracement level of this spring's rally crossing at 62.20. 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 August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.20 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 65.96
Second resistance is the 20 day moving average crossing at 68.20

First support is today's low crossing at 59.25
Second support is the 50% retracement level crossing at 58.58

Our latest Video....How Low Can Crude Oil Go?

StatoilHydro's Gulf of Mexico Output Doubles

Norway's StatoilHydro ASA Thursday said it has more than doubled its output from the U.S. Gulf of Mexico in the past few months, as the Thunder Hawk field comes onstream. Murphy Oil operated Thunder Hawk has a daily production capacity of 45,000 barrels of oil and 70 million cubic feet of natural gas. StatoilHydro company spokeswoman Mari Dotterud said StatoilHydro will have 70,000 barrels of oil equivalent a day net from the U.S. Gulf Of Mexico once Thunder Hawk.....Complete Story

Is It Time To Buy DUG?

Don't trade DUG today without first watching this great video from Michelle "Mish" Schneider over at Market Gauge. If you have not learned how to take advantage of these market correction's in crude oil, Michelle makes it easy to understand.

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Market Gauge

Oil Falls Below $60 on Concern About the Economy, Fuel Demand

Crude oil dropped below $60 a barrel for the first time since May on skepticism that the U.S. economy and fuel demand will rebound this year. Oil fell as much as 1.5 percent on concern that consumers will curb spending as payrolls are cut. The unemployment rate reached 9.5 percent in June, the highest since 1983, the Labor Department said last week. A report yesterday showed that supplies of gasoline and distillate fuel, a category.....Complete Story

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How Low Can Crude Oil Go?

After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders.

What’s happening now is giving speculation a bad name. Speculators form a very important task in assuming risk that is being transferred from either a producer or an end user. Without this transfer of risk, which couldn’t take place without the speculator taking the other side of the trade, prices would be artificial at best. This approach has worked for hundreds of years and over a century here in the US.

Now back to crude oil....

In my new video you will see what has happened to crude oil in the last eight days. You’ll will also see what I believe will be the area that crude oil will find support.

You can watch this video with my compliments and there is no registration requirements. I would love to get your feedback about this video so please feel free to leave a comment and let our readers know what you think.

Click Here To Watch "How Low Can Oil Go"

Trade Crude in 90 Seconds Click Here

Short Covering, Jobless Claims Push Crude Higher

Crude oil was higher due to short covering overnight as it consolidates some of this week's decline but remains below the 38% retracement level of the February-June rally crossing at 62.25. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off last week's high, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.24 are needed to confirm that a short term low has been posted.

Thursday's pivot point, our line in the sand is 61.03

First resistance is the 10 day moving average crossing at 66.04
Second resistance is the 20 day moving average crossing at 68.24

First support is Wednesday's low crossing at 60.01
Second support is the 50% retracement level crossing at 58.58

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Brace For It, Oil Will Continue To Fall

With oil hovering around $60, Randy Rothberg of Battalion Capital predicts a continued decline in oil prices.



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Oil Rebounds From Seven Week Low as Slump Is Viewed as Overdone

Crude oil rebounded from a seven week low as traders took the view that the decline in prices during the longest losing streak this year was overdone. Oil snapped a six day slump as traders bought contracts based on technical indicators. Crude has fallen below $62.55 a barrel yesterday, the lower resistance level of the Bollinger Band, indicating it was oversold. “In the short term, $60 may be the intraday support level, but in the longer term we have to go back to fundamentals, which are weak.....Complete Story

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China's Oil Firms Accelerate Acquisitions

China's leading oil companies have boosted overseas acquisitions during the first half of 2009 because of increased domestic demand and falling prices, a Shanghai Securities News report stated Tuesday. China, the world's second largest consumer of energy, depends on imported oil for nearly half of its needs. China's oil consumption has grown approximately 5 percent annually in recent years. Its sales of passenger vehicles rose 47 percent in May.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Closes Below Key Retracement Levels

Crude oil closed lower on Wednesday and below the 38% retracement level of this spring's rally crossing at 62.20 as it extended this month's decline. 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 August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.86 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 66.95
Second resistance is the 20 day moving average crossing at 68.86

First support is today's low crossing at 60.01
Second support is the 50% retracement level crossing at 58.58.

New Video:The #1 Predictor of Inflation or Deflation.

Natural gas closed lower on Wednesday as it extends this week's breakout below April's low crossing at 3.52. 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 August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.947 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.72
Second resistance is the 20 day moving average crossing at 3.95

First support is today's low crossing at 3.34
Second support is weekly support crossing at 3.16

US Moves to Shackle Oil Speculators

The solution to perceived market manipulation is overt market manipulation. That's what federal regulators are saying with Tuesday's announcement that they will consider curtailing "excessive speculation" in energy markets. The move comes in response to last year's spike in oil prices, which soared to a record $145 a barrel a year ago next week and pushed gasoline prices above $4 at the pump in many parts of the country. Since the start of this year.....Complete Story

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New Video For The DOW...."Perception Indicates That the Bear is Back"

We have just finished a new video on the Dow Jones Industrial Index (DOW) that we would like to share with you.

This may be a short video, but I think you’ll get a lot out it. We will analyze what’s going on right now in the DOW, how it has developed over the last six months, and where we expect the DOW to go in the next six months.

As we have discussed before, perception is everything in the marketplace. We believe that perception is beginning to change in this market and the bears are back.

You can watch this video with our compliments and there is no registration requirements. We would love to get your feedback about this video, so comment away!

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Oil Falls for Sixth Day on Forecasts U.S. Gasoline Supply Rose

Crude oil fell for a sixth day, the longest losing streak since December, before a government report that is forecast to show U.S. fuel inventories increased. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, probably climbed, according to a Bloomberg News survey before today’s Energy Department report. Yesterday, the industry funded American Petroleum Institute said stockpiles of gasoline rose.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Lower Overnight, Due For Consolidation Day

Crude oil was lower overnight and spiked below the 38% retracement level of the February-June rally crossing at 62.25. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off last week's high, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.98 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 63.12

First resistance is the 10 day moving average crossing at 67.19
Second resistance is the 20 day moving average crossing at 68.98

First support is the overnight low crossing at 61.87
Second support is the 50% retracement level crossing at 58.58

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Natural Closes Lower, Sets up Likely Lower Open For Wednesday

Natural gas closed lower on Tuesday and below April's low crossing at 3.52 as it extended the decline off June's high. The low range close sets the stage for a steady to lower opening on Wednesday.

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 summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.971 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.77
Second resistance is the 20 day moving average crossing at 3.97

First support is Monday's low crossing at 3.37
Second support is weekly support crossing at 3.16

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Pickens: Time To Use Natural Gas

Oil tycoon T. Boone Pickens talks to Fox Business on the slip in crude oil and the reasoning behind the delay in his massive wind farm project.



Today’s Stock Market Club Trading Triangles

Oil Falls as Equities Drop, Report Shows Gasoline Supply Gain

Crude oil fell to a six week low as equities slumped and an industry report showed an increase in gasoline inventories in the U.S., the world’s biggest energy consuming country. Oil dropped after the American Petroleum Institute said gasoline supplies rose 767,000 barrels to 212.4 million last week. U.S. stocks fell on concern technology spending will slow and second-quarter earnings will fail to justify a four month rally in equities.....Complete Story

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Crude Oil Market Commentary For Tuesday Evening

Crude oil closed lower on Tuesday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August renews the decline off June's high, the 38% retracement level of this spring's rally crossing at 62.20 is the next downside target. Closes above the 20 day moving average crossing at 69.44 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 67.78
Second resistance is the 20 day moving average crossing at 69.44

First support is today's low crossing at 62.35
Second support is the 38% retracement level crossing at 62.20

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EIA Sees Slightly Smaller Drop in US Natural Gas Production for 2009

The U.S. Energy Information Administration has revised its forecast for U.S. natural gas production, the decline of which has been lessened for 2009 compared to the governmental agency's prediction last month. In June 2009, the EIA estimated that U.S. natural gas production would fall by 1.1% in 2009 and 2.6% in 2010. According to its Short Term Energy Outlook, the EIA now expects total U.S. marketed natural gas production to drop by 0.6% in 2009.....Complete Story

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OPEC Oil Price Plummets

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) took a steep fall of $2.46 at the start of the week,the Vienna based group announced Tuesday. The basket price for OPEC produced oil dropped to $63.66 Monday. Since the end June, it has shed $5.90. Analysts have linked the current downward trend to lower than forecast economic data from the United States, particularly last week's bleak jobless figures. OPEC's 12 member countries produce more than a third of the world's crude oil.

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Technical Analysis: Gasoline Poised for Slide to 8 Week Low

Gasoline futures may fall nearly 7 percent to an eight week low if the August contract closes below $1.70, according to a technical analysis by Lind-Waldock & Co. in Chicago.
A drop below the 55 day smooth moving average around $1.70 would send prices down to $1.625, the uptrend line connecting the Feb. 19 and April 27 lows, said Blake Robben, a strategist at Lind-Waldock, a division of MF Global Ltd. If prices fall below trendline support, "$1.55 is the next level,” Robben said in an interview.....Complete Story

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Saudi Aramco, Total Sign $9.6B Refinery Deals

State run oil giant Saudi Aramco and France's Total S.A. on Tuesday signed $9.6 billion in deals with contractors to build the 400,000 barrel per day Jubail export refinery, one of the oil rich kingdom's top projects. The two companies awarded 13 contracts for the project, the official Saudi Press Agency reported. The Jubail refinery is seen as a key part of Saudi Arabia's plan to boost overall capacity. But the joint venture had suffered.....Complete Story

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Video: Why Are Oil Prices Falling?

Phil Flynn of PFG Best Research talks to Fox Business on why oil has declined this week and what he thinks about talk of $55 dollar oil.



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Oil, Gas Market Speculation May Face Restrictions by U.S. CFTC

U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange traded funds. The Commodity Futures Trading Commission will hold hearings to explore the need for government imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement. The agency didn’t say when the hearings would start or who would be asked to testify.....Complete Story

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Crude Oil Slightly Higher on Short Covering

Crude oil was slightly higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off last week's high, the 38% retracement level of the February-June rally crossing at 62.25 is the next downside target. Closes above the 20 day moving average crossing at 69.54 are needed to confirm that a short term low has been posted.

Tuesday's pivot point for crude oil, our line in the sand is 64.38

First resistance is the 10 day moving average crossing at 67.98
Second resistance is the 20 day moving average crossing at 69.54

First support is Monday's low crossing at 63.40
Second support is the 38% retracement level crossing at 62.25

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Video: S&P 500 Update For Monday Evening

Today we are going to take another look at the S&P 500 Index. It appears that some of the rose coloring on traders’ glasses is beginning to wear thin. Many more traders now perceive this as a two way trading market as opposed to a one way street we witnessed in March and April.

We are going to be analyzing a daily S&P index chart and making some observations that We think potentially could work out if certain elements fall into place.

At the present time our “Trade Triangle” technology is indicating a neutral stance in this market. With the -55 reading our “Trade Triangles” are indicating a trading range which could possibly be an early sign of a reversal.

You can watch this video [just click here] with our compliments and there is no registration requirements. We would love to get your feedback about this video so please feel free to leave a comment.

Sharon Epperson: Where Is Oil Headed Tuesday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Tuesday].




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Energy Market Summary For Monday

Crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid range and did hit a fresh six week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly.

Heating oil closed down 656 points at $1.6360 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.

Unleaded gasoline closed down 408 points at $1.7500 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.

Natural gas closed down 11.3 cents at $3.502 today. Prices closed near mid range and hit a fresh contract low today. Bears are in firm technical control again.

Today’s Stock Market Club Trading Triangles

Oil Falls to Five Week Low, Gasoline Drops on Economic Concern

Crude oil fell to a five week low and gasoline declined on growing concern that the global economic recovery will falter, curbing fuel consumption. Oil dropped for a fourth day, the longest losing streak since February, as U.S., European and Asian stock markets declined. The dollar advanced against the euro, curbing the appeal of commodities to investors looking for an inflation hedge. Oil in New York is down 13 percent from an eight month high of $73.38 touched on June 30.....Complete Story

Six Attacks on Natural Gas Pipelines.....IN CANADA!

A series of bombings of natural gas pipelines in northeastern British Columbia in Canada are "domestic terrorism," authorities said. The first attack was reported in early October. This past weekend, the Royal Canadian Mounted Police confirmed a sixth bombing caused a leak in an EnCana Corp. line south of Dawson Creek, British Columbia. No one has been injured in the bombings, but they have caused leaks that could prove hazardous, authorities said.....Complete Story

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Oil Plunges Below $64 on Fears Recovery May Lag

Oil prices plunged nearly $3 to below $64 a barrel Monday as dismal unemployment figures from the U.S. and Europe last week sparked investor doubts about any nascent economic recovery. A significant fall in natural gas prices - a likely sign that industries are still struggling and unlikely to add jobs - as well as gains by the U.S. dollar and falling stock markets around the world all helped push energy prices lower.....Complete Story

Crude Oil Hits New Six Week Low Overnight

Crude oil prices are sharply lower early today, and hit a fresh six week low overnight. Bulls have faded badly recently.

In August crude, look for buy stops to reside just above resistance at $64.00 and then just above resistance at $65.00.

Look to sell stops just below technical support at the overnight low of $63.40 and then more sell stops just below support at $63.00.

Today's key near term Fibonacci support/resistance level: $62.31.
Wyckoff's Intra Day Market Rating: 3.0

Free Trend Analysis

The September U.S. dollar index is higher in early trading today. Trading is still choppy, but bears still have the overall near term technical edge.

Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter term technical resistance at 81.25 and then at 81.50. Shorter term support is seen at 80.75 and then at the overnight low of 80.53.

Today's key near term Fibonacci support/resistance level: 80.42.
Wyckoff's Intra Day Market Rating: 6.0

Great Trading Video: The Fibonacci Tool Fully Explained

Crude Oil Falls on Dollar Advance, Speculation of Supply Gains

Crude oil fell to the lowest in five weeks on a stronger dollar and speculation U.S. fuel inventories will increase as the recession curbs demand in the world’s biggest energy consuming country. Oil and commodities including gold declined as the dollar climbed against the Euro, limiting investor appetite for assets to hedge against inflation. Eighteen of 37 analysts surveyed by Bloomberg News, or 49 percent, said oil futures will decline through July 10.....Complete Story

Crude Oil Lower Overnight, Lower Prices Possible

Crude oil was lower due to profit taking overnight and trading below the 10 day moving average crossing at 69.33 tempering the near term friendly outlook. Stochastics and the RSI are turning bearish again signaling that sideways to lower prices are possible near term.

Closes below the reaction low crossing at 66.37 would renew the decline off June's high while opening the door for a possible test of the 38% retracement level of the February-June rally crossing at 62.25.

If August renews the rally off June's low, June's high crossing at 73.90 is the next upside target.

Thursday's pivot point, our line in the sand is 69.86

First resistance is the 20 day moving average crossing at 70.33
Second resistance is Tuesday's high crossing at 73.38

First support is the overnight low crossing at 67.72
Second support is the reaction low crossing at 66.37

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