Crude oil update for march contract

We have now moved to Crude contracts for March 2009 delivery after the February contract closed at the 34 per barrel level. The downside direction is still dominating the new contract with a resistance level at 43.20 and the combination of the 50 and 100 day MA on the four hour charts at 42 could result in further downside movements to reach the 61.8% extention at 38 as seen in the above picture. The ADX indicator supports our expectations as it is pointing to the downisde yet momentum indicators show crude being slightly overbought where the latter could result in volatility in the markets but we still see that the overall trend is to the downside on the short term.

The trading range for today is among the key support at 34.5 and the key resistance at 45. The general trend is to the downside as far as 52.remains intact with targets at 35 and 32

Gold

We can see now the strength of the resistance level where despite the metal reaching levels above 880, candles on the four hour chart closed below the 871 5 critical level where most were actually below 868. Gold is losing its bullish momentum gradually but to confirm this, we should watch the breach of the 854 level closely and we will not witness another upside wave unless gold builds a solid base above 888.50 The trading range for today is among the key support at 814. and the key resistance at 923 The general trend is to the downside as far as 934.00 remains intact with targets at 649 and 616