Crude oil closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 65.40 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.
First resistance is today's high crossing at 62.18
Second resistance is the 20 day moving average crossing at 65.40
First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97
How To Spot Winning Futures See Video NOW
August Henry natural gas closed sharply higher on Thursday and above the 10 day moving average crossing at 3.426 signaling that a short term low might be in or is near. The high range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 3.686 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.
First resistance is today's high crossing at 3.68
Second resistance is the 20 day moving average crossing at 3.69
First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16
Create FREE Portfolio Click Here
No comments:
Post a Comment