Tuesday, June 29, 2010

Crude Oil Trend Turns in The Bears Favor...Here's Tuesday's Numbers

Crude oil was lower as it extends Monday's decline and is challenging key support marked by the 20 day moving average crossing at 76.44. Stochastics and the RSI are neutral to 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 Tuesday is 78.45

First support is the 20 day moving average crossing at 76.44
Second support is last Wednesday's low crossing at 75.17

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Natural gas was lower overnight and is breaking out to the downside of 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 would 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 4.900 would temper the near term bearish outlook in the market.

First resistance is the 20 day moving average crossing at 4.873
Second resistance is the 10 day moving average crossing at 4.900

Tuesday's pivot point for natural gas is 4.781

First support is the overnight low crossing at 4.700
Second support is the reaction low crossing at 4.687

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