Monday, November 29, 2010

Crude Oil , Gold and Natural Gas Technical Outlook For Monday Nov. 29th

Crude oil was higher overnight as it extends last week's short covering rebound off the 50% retracement level of the August-November rally crossing at 81.14. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 84.69 are needed to confirm that a short term low has been posted. If January renews this month's decline, the 62% retracement level of the August-November rally crossing at 79.24 is the next downside target.

First resistance is the 20 day moving average crossing at 84.69.
Second resistance is the reaction high crossing at 85.75.

Crude oil pivot point for Monday morning is 83.69

First support is last Tuesday's low crossing at 80.28.
Second support is the 62% retracement level of the August-November rally crossing at 78.56.

Gold was lower overnight as it continues to correct some of the rally off the mid-November low. Stochastics and the RSI are turned neutral signaling that sideways to lower prices are possible near term.

If December renews this month's decline, the reaction low crossing at 1315.60 is the next downside target. If December extends the rebound off the mid-November low, the reaction high crossing at 1388.10 is the next upside target.

First resistance is last Tuesday's high crossing at 1382.90.
Second resistance is this month's high crossing at 1424.30.

Gold pivot point for Monday morning is 1,362.30

First support is the 25% retracement level of this year's rally crossing at 1330.20.
Second support is the reaction low crossing at 1315.60.

Natural gas was higher overnight and is poised to extend this month's rally. Stochastics and the RSI are overbought, diverging but are turning neutral signaling that sideways to higher prices are possible near term.

If January extends the aforementioned rally, the 38% retracement level of the June-October decline crossing at 4.654 is the next upside target. Closes below the 20 day moving average crossing at 4.234 would confirm that a short term top has been posted.

First resistance is last week's high crossing at 4.515
Second resistance is the 38% retracement level of the June-October decline crossing at 4.654

Natural gas pivot point for Monday morning is 4.411

First support is the 10 day moving average crossing at 4.318
Second support is the 20 day moving average crossing at 4.234




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