Friday, May 7, 2010

MarketClub Crude Oil, Gold, Natural Gas and U.S. Dollar Numbers For Friday Morning


Crude oil was higher due to short covering overnight as it consolidates some of the decline off April's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If June extends the decline off April's high, the 87% retracement level of the February-April rally crossing at 72.86 is the next downside target. Closes above the 20 day moving average crossing at 83.66 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 82.52. Second resistance is the 20 day moving average crossing at 83.66. First support is Thursday's low crossing at 74.58. Second support is the 87% retracement level of the February-April rally crossing at 72.86.

Natural gas was slightly higher due to short covering overnight as it consolidates above trading range support crossing at 3.914. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. A downside breakout of trading range support crossing at 3.914 would open the door for a possible test of weekly support crossing at 3.339 later this spring. Closes above the 20 day moving average crossing at 4.117 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 4.117. Second resistance is last Wednesday's high crossing 4.424. First support is Thursday's low crossing at 3.855. Second support is weekly support crossing at 3.339.

The U.S. Dollar was lower due to profit taking overnight as it consolidates some of this year's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends this year's rally, the 75% retracement level of 2009's decline on the weekly continuation chart crossing at 85.85 is the next upside target. Closes below the 20 day moving average crossing at 82.00 are needed to confirm that a short term top has been posted. First resistance is Thursday's high crossing at 85.46. Second resistance is the 75% retracement level of 2009's decline on the weekly continuation chart crossing at 85.85. First support is the 10 day moving average crossing at 83.03. Second support is the 20 day moving average crossing at 82.00.

Gold was higher overnight and is poised to extend the rally off February's low. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that additional gains are possible near term. If June extends the rally off March's low, the 87% retracement level of the December-February decline crossing at 1206.90 is the next upside target. Closes below the 20 day moving average crossing at 1162.60 are needed to confirm that a short term top has been posted. First resistance is Thursday's high crossing at 1211.90. Second resistance is the December high crossing at 1230.00. First support is the 10 day moving average crossing at 1175.90. Second support is the 20 day moving average crossing at 1162.60.




Share

No comments:

ShareThis