Friday, July 16, 2010

Crude Oil and Natural Gas Commentary For Friday Morning

Crude oil was higher overnight as it consolidates above the 20 day moving average crossing at 76.07. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If August extends this month's rally, the reaction high crossing at 79.38 is the next upside target. Closes below Tuesday's low crossing at 74.25 would temper the near term friendly outlook.

First resistance is Wednesday's high crossing at 78.15
Second resistance is the reaction high crossing at 79.38

Crude oil pivot point for Friday morning is 76.54

First support is Tuesday's low crossing at 74.25
Second support is the reaction low crossing at 71.09

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Natural gas was slightly higher overnight as it extends Thursday's rally above the 10 day moving average. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 4.650 would confirm that a short term low has been posted. If August extends the decline off June's high, the reaction low crossing at 4.285 is the next downside target.

First resistance is Thursday's high crossing at 4.623
Second resistance is the 20 day moving average crossing at 4.650

Natural gas pivot point for Friday morning 4.499

First support is Thursday's low crossing at 4.288
Second support is the reaction low crossing at 4.285

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