Monday, October 10, 2011

Crude Oil, Natural Gas and Gold Market Commentary For Monday Oct. 10th

Crude oil moved higher this morning along with equities as it extends the rally off last Monday's low. Stochastics and RSI are bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 83.31 are needed to confirm that a short term low has been posted. If November renews this year's decline, the 75% retracement level of the 2009-2011 rally crossing at 72.20 is the next downside target. First resistance is the 20 day moving average crossing at 83.31. Second resistance is the reaction high crossing at 84.77. First support is last Monday's low crossing at 74.95. Second support is the 75% retracement level of the 2009-2011 rally crossing at 72.20. Crude oil pivot point for Monday morning trading is 82.78.

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Natural gas extends it's decline off June's high. Stochastics and RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If November extends the aforementioned decline, monthly support crossing at 3.225 is the next downside target. Closes above the 20 day moving average crossing at 3.778 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.645. Second resistance is the 20 day moving average crossing at 3.778. First support is the overnight low crossing at 3.455. Second support is monthly support crossing at 3.225. Natural gas pivot point for Monday trading is 3.517.

Just click here for your FREE trend analysis of UNG, the Natural Gas ETF

Gold extends the trading range of the past nine days. Stochastics and RSI are bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 1700.20 are needed to confirm that a short term low has been posted. If December renews the decline off September's, the 38% retracement level of the 2008-2011 rally crossing at 1476.20 is the next downside target. First resistance is last Monday's high crossing at 1681.50. Second resistance is the 20 day moving average crossing at 1700.20. First support is September's low crossing at 1535.00. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1476.20. Gold pivot point for Monday morning trading is 1643.80.

Just click here for your FREE trend analysis of gold ETF GLD



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