The markets are always interesting, but they are particularly interesting right now.Today we’re looking at the dollar index and some important elements that we see building in this market and want to bring to your attention. In this short video we outline the key areas to watch for and one important component that you may not have seen. We think this factor could, in fact, be a short term game changer for this market.Just click here to watch the video and as always our MarketClub videos are f... Read Full Story
Nymex Crude Oil (CL)Initial bias in crude oil remains on the downside this week for a test on 75.57 support first. Break there will confirm that whole choppy fall from 82.00 has resumed and should target 61.8% retracement of 65.05 to 82 at 71.52 next. On the upside, while some recovery might be seen, short term outlook will remain cautiously bearish as long as 80.51 resistance holds.In the bigger picture, we'd continue to slightly favor the bearish case as long as 80.51 resistance holds. That... Read Full Story
In our new video on crude oil we update some of the thoughts we have recently published, but also some important elements that are still in play and could push this market significantly higher.In this new video we outline the key support zone that we see and also highlight some other technical elements could come into play to push this market higher.Just click here to watch the video, and as always our videos are free to watch and there is no need to register. Please take a moment to leave a ... Read Full Story
Crude oil was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near term. Closes below last Friday's low crossing at 75.57 would renew the decline off October's high. If December renews this week's rally, the reaction high crossing at 81.06 is the next upside target.Friday's pivot point, our line in the sand is 78.69 First resistance is Wednesday's high crossing a... Read Full Story
Crude oil fell for a second day as the dollar strengthened against the euro and global equity markets declined. Oil slipped as much as 1.6 percent as the U.S. currency advanced for the third time in four days. Stocks and equity futures retreated after European Central Bank President Jean-Claude Trichet said policy makers will withdraw emergency cash gradually to avoid fueling inflation, and Dell Inc.’s earnings trailed analysts’ estimates.“We will take oil prices down another notch because of... Read Full Story
Nymex Crude Oil (CL)Crude oil dips further to as low as 76.52 today and is set to take on 75.57 support. As noted before, with 80.51 resistance intact, risk is still mildly on the downside. Below 75.53 will target 61.8% retracement of 65.05 to 82.0 at 71.52 next. However, break of 80.51 will indicate that choppy fall from 82.00 has completed and will flip intraday bias back to the upside for 82.0 resistance first.In the bigger picture, we'd continue to slightly favor the bearish case as long ... Read Full Story
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow.
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Crude oil closed down $1.87 at $77.71 a barrel today. Prices closed nearer the session low today amid a rebound in the U.S. dollar index and solidly lower U.S. stock index futures prices. Crude oil bulls still have the overall near term technical advantage. However, the bulls do not want to see a bearish weekly low close on Friday.Unleaded gasoline (RBOB) closed down 381 points at $.19733 today. Prices closed nearer the session low today. Bulls still have the overall near term technical advan... Read Full Story
