Crude oil closed sharply lower on Friday erasing most of this week's gains. The low range close sets the stage for a steady to lower opening on Monday. Closes below Monday's low crossing at 76.55 are needed to confirm that a short term top has been posted. If December renews this fall's rally, the 38% retracement level of the 2008-2009 decline crossing at 84.64 is the next upside target. First resistance is the 20 day moving average crossing at 78.53 Second resistance is the 10 day moving ave... Read Full Story
“Research In Motion Ltd. (RIMM) will spend up to $1.2 billion to buy back about 21 million of its shares, or 3.6% of its total shares outstanding. The buyback will start Nov. 9 and last for up to one year.”That was the headline news today on Research in Motion symbol RIMM so I decided to look at the chart to see what was going on in the “real world”. When I got to the chart, one thing immediately jumped out at me and that was the negative action that this market has s... Read Full Story
A Quick Update on the Crude Oil Market from Adam Hewison at The MarketClub.I was just looking at the charts and they are beginning to look very, very bullish. The formation I show you in today’s video is a classic continuation pattern to the upside. This pattern also confirms a Fibonacci target number we are looking at.This video is short and to the point and I think it will get you thinking about this energy market.Just Click Here to watch the video and as always our videos are free to watch... Read Full Story
Crude oil was steady to slightly lower due to profit taking overnight as it consolidates above the 10 day moving average crossing at 78.99. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If December extends this week's rally, October's high crossing at 82.00 is the next upside target. Closes below Tuesday's low crossing at 76.55 are needed to confirm that a short term top has been posted. Friday's pivot point, our line i... Read Full Story
Nymex Crude Oil (CL)As noted before, consolidation from 82.00 might have completed at 76.55 already and intraday bias is mildly on the upside for a retest of 82.00 first. Break will bring medium term rise resumption towards 50% retracement of 147.27 to 33.2 at 90.24. On the downside, though, below 76.55 will revive the case that rise from 65.05 has completed and will flip intraday bias back to the downside for deeper fall to 61.8% retracement of 65.05 to 82 71.52 next.In the bigger picture, c... 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.
Read Full Story
Crude oil closed down $0.77 at $79.63 a barrel today. Prices closed nearer the session low today on profit taking pressure. Bulls still have the overall near term technical advantage. The next downside price objective for the crude oil bears is to produce a close below solid technical support at this week's low of $76.55. " >">">">Today’s Stock Market Club Trading TrianglesNatural gas closed up 6.6 cents at $4.789 today. Prices hit a fresh seven week low today and rebounded a bit to close fir... Read Full Story
* Natural gas spot prices fell over the week at most market locations, declining on average 16 cents per million Btu (MMBtu). Decreases ranged between 2 cents and 77 cents per MMBtu. In the few trading locations where prices rose, increases were modest, ranging between 1 and 4 cents per MMBtu. The Henry Hub natural gas spot price fell 10 cents on the week, closing at $4.49 per MMBtu.* At the New York Mercantile Exchange (NYMEX), the December 2009 natural gas contract fell 34 cents per MMBtu, ... Read Full Story
Precious Metals ETF have gone wild the past 2 weeks. Last week we saw gold and silver prices drop sharply as it shook out short term trader’s stop orders before breaking out and moving higher. Also there is a disconnect between the gold and the dollar. Energy commodities like natural gas and crude oil are moving in opposite directions and look to be picking up speed. Natural gas is losing pressure and oil is on fire.GLD ETF Trading – Pivot Trading LowLast week we had our pivot trading low gen... Read Full Story
Crude oil was lower due to profit taking overnight as it consolidates some of this week's rally but remains above the 10 day moving average crossing at 79.11. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. If December extends this week's rally, October's high crossing at 82.00 is the next upside target. Closes below Tuesday's low crossing at 76.55 are needed to confirm that a short term top has been posted. Thursday's pivot point, ... Read Full Story
