Tuesday, November 30, 2010
Crude Oil, Natural Gas and Gold Market Commentary For Monday Morning Nov. 30th
If January extends the rally off last week's low, November's high crossing at 89.10 is the next upside target. Closes below the 10 day moving average crossing at 83.00 would temper the near term friendly outlook.
First resistance is the overnight high crossing at 85.90
Second resistance is November's high crossing at 89.10
Crude oil pivot point for Tuesday morning is 85.07
First support is the 10 day moving average crossing at 83.00
Second support is last Tuesday's low crossing at 80.28
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 Tuesday is 4.288
First support is Monday's low crossing at 4.166.
Second support is November's low crossing at 3.853.
If December extends the rebound off the mid-November low, the reaction high crossing at 1388.10 is the next upside target. If December renews this month's decline, the reaction low crossing at 1315.60 is the next downside 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 Tuesday morning is 1,362.60
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