Crude oil was lower overnight as it consolidates some of Monday's rally. 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 78.95 would signal that a short term low has been posted. If December renews last week's decline, the 50% retracement level of this fall's rally crossing at 73.76 is the next downside target.
Tuesday's pivot for crude oil is 78.23
First resistance is the 20 day moving average crossing at 78.95
Second resistance is this month's high crossing at 81.06
First support is last Friday's low crossing at 75.57
Second support is the 50% retracement level of this fall's rally crossing at 73.76
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Natural gas was lower due to profit taking overnight as it consolidates some of Monday's rally but remains above the 10 day moving average crossing at 4.571. Stochastics and the RSI are oversold and are turning bullish signaling that additional short covering gains are possible near term.
Closes above the 20 day moving average crossing at 4.901 are needed to confirm that a short term low has been posted. If December extends the decline off October's high, monthly support crossing at 3.996 is the next downside target.
Natural gas pivot point for Tuesday is 4.551
First resistance is Monday's high crossing at 4.656
Second resistance is the 20 day moving average crossing at 4.901
First support is last Friday's low crossing at 4.287
Second support is monthly support crossing at 3.996
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The U.S. Dollar was higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 75.75 would temper the near term bearish outlook in the market. If December extends this month's decline, monthly support crossing at 73.39 is the next downside target.
First resistance is the 10 day moving average crossing at 75.45
Second resistance is the 20 day moving average crossing at 75.75
First support is Monday's low crossing at 74.75
Second support is monthly support crossing at 73.39
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2 comments:
I believe we are likely to see a small drop in the next few days. Market seems unable to break the $80, and OPEC doesn't want it either.
A much lower than expected inventory number on Wednesday could push it higher, but such a surprise does not seem likely.
Dollar strength over the next few days will push prices back to $75 at the end of the week.
Just my two cents...
Very true Bjorn. But I am looking for the dollar to maintain it's trend lower, so this just becomes a buying opportunity for swing traders. Looks like the bulls have regained momentum.
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