Thursday, July 30, 2009

Commodity Roundup for July 30, 2009

Today oil had a major reversal after the sharp sell off yesterday as the strength in the equity markets fueled a rally in the energy markets. Today's strength was attributed to the demand trade and the dollar index was showing some slight weakness. Yesterday oil gapped lower and today it gapped higher and was able to fill its gap from the previous day. The USO hit resistance right at the gap fill.

Resistance: Double Top @ 36.00 - 36.30; 37.00 - 37.50
Support: 20 Moving Average on the daily; 33.40; 32.80

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