Monday, July 19, 2010

Crude Oil and Natural Gas Technical Outlook For Monday Morning

Crude oil was lower due to profit taking overnight as it consolidates above the 10 day moving average crossing at 75.53. Stochastics and the RSI remain neutral to 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 last Tuesday's low crossing at 74.25 would temper the near term friendly outlook.

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

Crude oil's pivot point for Monday morning is 76.14

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

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Natural gas was higher overnight as it consolidates above the 10 day moving average crossing at 4.474. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 4.621 would confirm that a short term low has been posted. If August renews the decline off June's high, the reaction low crossing at 4.285 is the next downside target.

First resistance is the 20 day moving average crossing at 4.621
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Monday morning is 4.550

First support is last Tuesday's low crossing at 4.334
Second support is the reaction low crossing at 4.285

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