Friday, June 25, 2010
Crude Oil Bears Take a Clear Near Term Advantage
Closes below 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 10 day moving average crossing at 77.48
Second resistance is Monday's high crossing at 79.94
Crude oil pivot point for Friday is 76.13
First support is the 20 day moving average crossing at 76.03
Second support is Wednesday's low crossing at 75.17
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Natural gas was lower overnight and trading below the 20 day moving average crossing at 4.779. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
Closes below Tuesday's low crossing at 4.756 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 4.926 would temper the near term bearish outlook in the market.
First resistance is the 10 day moving average crossing at 4.926
Friday's pivot point for natural gas is 4.767
Second resistance is last Wednesday's high crossing at 5.196
First support is Tuesday's low crossing at 4.756
Second support is the reaction low crossing at 4.628
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