Thursday, July 8, 2010

Are Crude Oil Signals Turning Bullish? Here is Thursday's Numbers

Crude oil was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but are turning bullish hinting that a low might be in or is near.

Closes above the 20 day moving average crossing at 76.25 are needed to confirm that a short term low has been posted. If August resumes last week's decline, the reaction low crossing at 70.93 is the next downside target.

First resistance is the overnight high crossing at 75.10
Second resistance is the 20 day moving average crossing at 76.25

Thursday's pivot point for crude oil is 73.48

First support is Tuesday's low crossing at 71.09
Second support is the reaction low crossing at 70.93

Video: How To Use Fibonacci Retracements

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

If August renews the decline off June's high, the reaction low crossing at 4.285 is the next downside target. Closes above the 20 day moving average crossing at 4.832 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 4.832
Second resistance is June's high crossing at 5.249

Natural gas pivot point for Thursday morning is 4.633

First support is last Wednesday's low crossing at 4.477
Second support is the reaction low crossing at 4.285

What do all market wizards have in common?

Share

No comments:

ShareThis