China Tightening Delay Sends Crude Higher, Here's Your Numbers

Crude oil was higher overnight as it extends the rebound off last Friday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.21 are needed to confirm that a short term low has been posted. If March renews last week's decline, last September's low crossing at 67.46 is the next downside target.

Thursday pivot point, our line in the sand is 74.03

First resistance is the 20 day moving average crossing at 75.22
Second resistance is the overnight high crossing at 75.28

First support is the 10 day moving average crossing at 74.12
Second support is last Friday's low crossing at 69.50

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Natural gas was higher due to short covering overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.

If March extends Tuesday's decline, the reaction low crossing at 5.227 is the next downside target. Closes above the 20 day moving average crossing at 5.438 would temper the near term bearish outlook.

Natural gas pivot point for Thursday is 5.304

First resistance is the 20 day moving average crossing at 5.438
Second resistance is Monday's high crossing at 5.680

First support is Tuesday's low crossing at 5.330
Second support is the reaction low crossing at 5.227

Just click here for your FREE trend analysis of natural gas ETF UNG

The U.S. Dollar was lower due to profit taking overnight but remains above the 38% retracement level of the 2009 decline crossing at 79.71. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top is in or is near.

Closes below the 20 day moving average crossing at 79.09 are needed to confirm that a short term top has been posted. If March renews this winter's rally, the 50% retracement level of the 2009 decline crossing at 81.32 is the next upside target.

First resistance is last Friday's high crossing at 80.82
Second resistance is the 50% retracement level of the 2009 decline crossing at 81.32

First support is the 10 day moving average crossing at 79.91
Second support is the 20 day moving average crossing at 79.09


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