Crude Oil Futures— Crude oil futures in the April contract settled  Friday in New York at 61.55 a barrel while currently trading at 62.80 up about a $1.25 for the trading week right at a 2 week high.  I’m currently not involved in this market as the trend is mixed to choppy.

Oil prices are trading barely above its 20 and 100 day moving average as the trend is slightly higher, however I think this recent rally is a kick back due to the fact that prices dropped about $8 in 2 weeks earlier in the month, following the stock market which also experienced a tremendous selloff in such a short period time, but everything has stabilized at the present time.

The chart structure currently is poor, so I will be patient and wait for that to improve –  which could take a couple more weeks, as strong demand for this product continues to keep prices above the $60 level. I think that’s going to continue for some time, as strong worldwide economies are a positive fundamental influence on crude oil prices, coupled with the fact that the U.S dollar is still right near a 3-year low.

My only recommendation in the energy sector is a bullish natural gas trade as I think oil prices will chop around and consolidate over the next several weeks.

TREND: MIXED

CHART STRUCTURE: POOR

VOLATILITY: SOLID

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