Wednesday, July 21, 2010

Crude Oil and Natural Gas Technical Outlook For Wednesday Morning

Crude oil was higher overnight as it consolidates above the 10 day moving average crossing at 76.13. 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 pivot point for Wednesday is 77.16

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

Back and Better than Ever....MarketClub 2 Week Free Trial

Natural gas was higher overnight and is trading above the 20 day moving average crossing at 4.595. 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 4.595 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 the reaction high crossing at 4.659
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Wednesday is 4.558

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

New Video: How To Use Fibonacci Retracements

Share

No comments:

ShareThis