Thursday, July 15, 2010
Crude Oil Consolidates Above 20 Day Moving Average, Natural Gas Extends Decline
If August extends this month's rally, the reaction high crossing at 79.38 is the next upside target. Closes below Tuesday's low crossing at 74.25 would temper the near term friendly outlook.
First resistance is Wednesday's high crossing at 78.15
Second resistance is the reaction high crossing at 79.38
Crude oil pivot point for Thursday morning is 77.19
First support is Tuesday's low crossing at 74.25
Second support is the reaction low crossing at 71.09
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Natural gas was lower overnight as it extends last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off June's high, the reaction low crossing at 4.285 is the next downside target. Closes above the 20 day moving average crossing at 4.667 would confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 4.494
Second resistance is the 20 day moving average crossing at 4.667
Natural gas pivot point for Thursday morning is 4.333
First support is the overnight low crossing at 4.301
Second support is the reaction low crossing at 4.285
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