Wednesday, July 28, 2010
Overbought Conditions in Crude Oil Giving Bears the Advantage....Here's Wednesday's Numbers
Closes below the 20 day moving average crossing at 76.45 would confirm that a short term top has been posted. If September extends 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 Wednesday morning is 77.99
First support is Tuesday's low crossing at 76.79
Second support is the 20 day moving average crossing at 76.45
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Natural gas was higher overnight as it consolidates above the 20 day moving average. 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 early August. 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 Wednesday morning is 4.630
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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