Crude Oil Near A 5 Week High

Crude Oil Futures---Crude oil futures are currently trading at 46.36 a barrel after settling last Friday in New York at 44.23 up over $2 for the trading week looking to retest the 5 week high at 47.32 & if you are short that's where I would place the stop loss as my exit strategy as prices are rallying due to the fact that the U.S dollar has continued its bearish trend this week pushing up many different sectors.

Oil prices are still trading under their 20 and 100 day moving average as this trend is lower to mixed in my opinion as I still remain bearish as the fundamentals still remain extremely weak with Goldman Sachs stating this week that they are thinking that prices will crack the $40 level coupled with the fact that OPEC stated that production is too high for current demand levels as prices have reversed in this week's trade.

At the current time I do not have any trade recommendations in the energies as they have been choppy over the last several weeks with relatively low volatility as this week's API report showed another draw down pushing prices higher as the chart structure is outstanding therefore the monetary risk is low at this time so if you're looking to enter into a new short position the stop loss is tight.TREND: LOWER–MIXED---CHART STRUCTURE: EXCELLENT

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