Thursday, September 2, 2010

Crude Oil Trader Market Summary For Wednesday Evening

The S&P 500 index closed higher on Thursday as it extended yesterday's breakout above the 20 day moving average. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that additional gains are possible near term. If September extends this week's rally, the reaction high crossing at 1098.40 is the next upside target. Closes below Tuesday's low crossing at 1037.50 would confirm that a short term top has been posted. First resistance is today's high crossing at 1086.70. Second resistance is the reaction high crossing at 1098.50. First support is the 10 day moving average crossing at 1060.89. Second support is Tuesday's low crossing at 1037.50.

Crude oil closed higher on Thursday and the high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 75.58 are needed to confirm that a short term low has been posted. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target. First resistance is last Friday's high crossing at 75.21. Second resistance is the 20 day moving average crossing at 75.58. First support is last Wednesday's low crossing at 70.76. Second support is May's low crossing at 70.35.

Natural gas closed higher on Thursday as it extends the trading range of the past five days. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If October extends this year's decline, weekly support crossing at 3.225 is the next downside target. Closes above the 20 day moving average crossing at 4.101 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.889. Second resistance is the 20 day moving average crossing at 4.101. First support is last Friday's low crossing at 3.697. Second support is weekly support crossing at 3.225.

Gold closed higher on Thursday and tested the 87% retracement level of the June-July decline crossing at 1253.30. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near term. If August extends the rally off July's low, June's high crossing at 1267.10 is the next upside target. Closes below the 20 day moving average crossing at 1226.60 would confirm that a short term top has been posted. First resistance is Wednesday's high crossing at 1255.30. Second resistance is June's high crossing at 1267.10. First support is the 10 day moving average crossing at 1238.60. Second support is the 20 day moving average crossing at 1226.60.

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