Energy futures are lower once again today on pessimism concerning the European recession as well as a slowdown in China causing crude oil prices in early trading in New York to be down another $.85 in the June contract trading at $96.22 a barrel also in sympathy with the stock market the rest the commodity markets all.......
Crude oil [May contract] closed higher on Monday as it consolidated some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term.
Since reaching a high of just over $110 a barrel, this market has fallen back and moved sideways. We view the current action as positive longer term to drive crude oil prices up to the $120-$125 levels. A close this week over the $108.20 level should be viewed as extremely positive for this commodity.
Crude oil [April contract] closed higher on Monday while extending the trading range of the past two weeks. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term.
How to trade oil is not an easy thing to do in today’s headline driven market. Even the best oil analysis which may have been correct will still be wrong at times. This is due to the fact that oil has many factors which play into its price. Things likes like extreme weather conditions, geopolitical events, currency fluctuations, economic conditions and supply and demand.
The U.S. Dollar Index(DXY) is trading higher this morning by 0.24 cents to $78.85 per contract. As we all know by now, when the DXY is trading sharply higher the major stock indexes will usually trade sharply lower. That is exactly what is happening this morning.
Who says silver is cheap?! Silver or XAGUSD in the trading arena is in fact trading at its all-time high along the much coveted gold or XAUUSD. So don’t get left behind… catch the silver express when it takes a halt!
The AUD USD rose sharply overnight, negating Monday’s closing price reversal top on prospects global growth will boost demand for commodities. Trader sentiment has rapidly shifted toward risk as the markets appear to have absorbed the potentially bearish situations in Japan and the Middle East.
The price of global crude oil once again reached $100.00 per barrel and has been trading in that area more roughly more than a week now. Will it continue to go higher? Let us see.
Woah, that’s all I can say. I never expected the price of cotton to sky-rocket like this. The image above is the 1-year chart of Cotton #2 futures contract.
