Thursday, July 22, 2010

Crude Oil Bulls Take Back The Advantage Overnight....Here's Thursday's Numbers

Crude oil was higher overnight as it extends the trading range of the past two weeks. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September renews this month's rally, the reaction high crossing at 79.97 is the next upside target. Closes below last Tuesday's low crossing at 74.70 would temper the near term friendly outlook.

First resistance is Wednesday's high crossing at 78.57
Second resistance is the reaction high crossing at 79.97

Crude oil's pivot point for Thursday is 77.11

First support is last Tuesday's low crossing at 74.70
Second support is the reaction low crossing at 71.47

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Natural gas was higher overnight as it extends the trading range of the past five trading sessions. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above Wednesday's high crossing at 4.662 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 4.662
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Thursday is 4.552

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

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