Friday, July 23, 2010

Crude Oil and Natural Gas Commentary For Friday Morning

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

If September extends this month's rally, the reaction high crossing at 79.97 is the next upside target. Closes below last Tuesday's low crossing at 74.70 would temper the near term friendly outlook.

First resistance is the overnight high crossing at 79.60
Second resistance is the reaction high crossing at 79.97

Crude oil pivot point for Friday is 78.29

First support is the 20 day moving average crossing at 76.50
Second support is last Tuesday's low crossing at 74.70

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Natural gas was slightly lower overnight as it consolidates some of Thursday's rally but remains above broken resistance marked by the 20 day moving average crossing at 4.571. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above Wednesday's high crossing at 4.662 would confirm that a short term low has been posted while opening the door for a larger degree rally into the end of July. Closes below Monday's low crossing at 4.454 would temper the near term friendly outlook.

First resistance is Thursday's high crossing at 4.719
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Friday is 4.624

First support is Monday's low crossing at 4.454
Second support is last Tuesday's low crossing at 4.334

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