Tuesday, July 27, 2010

Crude Oil Bulls Poised to Take Clear Advantage....Here's Tuesday's Numbers

Crude oil was higher overnight and poised to extend last Thursday's rally. Stochastics and the RSI are overbought but remain neutral to 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 the reaction low crossing at 74.70 would temper the near term friendly outlook.

First resistance is last Friday's high crossing at 79.60
Second resistance is the reaction high crossing at 79.97

Crude oil's pivot point for Tuesday morning is 78.79

First support is the 10 day moving average crossing at 77.82
Second support is the 20 day moving average crossing at 76.49

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Natural gas was higher overnight as it consolidates above the 20 day moving average crossing at 4.556. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above last Thursday's high crossing at 4.669 are needed to 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 the reaction low crossing at 4.452 would temper the near term friendly outlook.

First resistance is last Thursday's high crossing at 4.669
Second resistance is the reaction high crossing at 4.945

Natural gas pivot point for Tuesday morning is 4.586

First support is the reaction low crossing at 4.452
Second support is this month's low crossing at 4.290

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