Tuesday, July 13, 2010

Crude Oil and Natural Gas Technical Outlook For Tuesday Morning

Crude oil was higher overnight as it consolidates above the 10 day moving average crossing at 74.45. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 76.19 are needed to confirm that a short term low has been posted. If August resumes the decline off June's high, the reaction low crossing at 70.93 is the next downside target.

First resistance is the 20 day moving average crossing at 76.19
Second resistance is the reaction high crossing at 79.38

Crude oil pivot point for Tuesday morning is 75.30

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

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Natural gas was slightly higher overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends 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 4.752 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 4.553
Second resistance is the 20 day moving average crossing at 4.752

Natural gas pivot point for Tuesday morning is 4.398

First support is last Friday's low crossing at 4.339
Second support is the reaction low crossing at 4.285

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