Friday, July 30, 2010

Crude Oil and Natural Gas Technical Outlook For Friday Morning

Crude oil was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 76.76 would confirm that a short term top has been posted.

If September renews this month's rally, the reaction high crossing at 79.97 is the next upside target.

First resistance is Tuesday's high crossing at 79.69
Second resistance is the reaction high crossing at 79.97

Crude oil's pivot point for Friday morning is 77.90

First support is Wednesday's low crossing at 75.90
Second support is the reaction low crossing at 74.70

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Natural gas was higher overnight as it extends this month'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 4.945 is the next upside target. Closes below the 20 day moving average crossing at 4.571 would temper the near term friendly outlook.

First resistance is the overnight high crossing at 4.876
Second resistance is the reaction high crossing at 4.945

Natural gas pivot point for Friday morning is 4.792

First support is the 10 day moving average crossing at 4.639
Second support is the 20 day moving average crossing at 4.571

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