Tuesday, June 22, 2010

Crude Oil Slides on Overnight Profit Taking

Crude oil was lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off May's low, the 62% retracement level of May's decline crossing at 81.13 is the next upside target. Closes below the 20 day moving average crossing at 74.27 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at 78.92
Second resistance is the 62% retracement level of May's decline crossing at 81.13

Tuesday's pivot point for crude oil is 78.76
First support is the 10 day moving average crossing at 76.18
Second support is the 20 day moving average crossing at 74.27

The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

Natural gas was lower overnight as it extends Monday's decline below the 10 day moving average crossing at 4.914. Stochastics and the RSI are turning bearish signaling that a short term top is in or is near.

Closes below the 20 day moving average crossing at 4.698 would confirm that a short term top has been posted. If July extends this month's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target.

First resistance is last Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429

Tuesday's pivot point for natural gas is 4.960

First support is Monday's low crossing at 4.826
Second support is the 20 day moving average crossing at 4.698


New Video: How To Use Fibonacci Retracements


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