Monday, June 28, 2010
Crude Oil and Natural Gas Commentary For Monday Morning
Closes below last Wednesday's low crossing at 75.17 are needed to confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of May's decline crossing at 82.67 is the next upside target.
First resistance is the overnight high crossing at 79.38
Second resistance is last Monday's high crossing at 79.94
Crude oil pivot point for Monday is 77.98
First support is the 20 day moving average crossing at 76.30
Second support is last Wednesday's low crossing at 75.17
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Natural gas was lower overnight as it extends last week's trading range. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
Closes below last Tuesday's low crossing at 4.727 are needed to confirm that a short term top has been posted and would open the door for a larger degree decline near term. Closes above the 10 day moving average crossing at 4.963 would temper the near term bearish outlook in the market.
First resistance is the 10 day moving average crossing at 4.963
Second resistance is the reaction high crossing at 5.249
Monday's pivot point for natural gas is 4.875
First support is last Tuesday's low crossing at 4.727
Second support is the reaction low crossing at 4.687
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