Wednesday, June 30, 2010

Crude Oil and Natural Gas Pivot, Resistance and Support Numbers For Wednesday Morning

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

Closes below last Wednesday's low crossing at 75.17 would confirm that a short term top has been posted while opening the door for a larger degree decline into early July. 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 Monday's high crossing at 79.38
Second resistance is last Monday's high crossing at 79.94

Crude oil's pivot point for Wednesday is 74.66

First support is Tuesday's low crossing at 75.21
Second support is last Wednesday's low crossing at 75.17

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Natural gas was lower overnight as it extends this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If August extends this week's decline, the reaction low crossing at 4.285 is the next downside target. Closes above the 20 day moving average crossing at 4.865 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 4.829
Second resistance is the 20 day moving average crossing at 4.865

Wednesday's pivot point for natural gas is 4.610

First support is the overnight low crossing at 4.480
Second support is the reaction low crossing at 4.285

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