Monday, October 17, 2011

Gold, Crude Oil and Natural Gas Numbers For Monday Morning Trading

Crude oil was higher overnight and is challenging the May-July downtrend line crossing near 88.40. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the aforementioned downtrend line would confirm a trend change while opening the door for a possible test of the 38% retracement level of the May-October decline crossing at 90.65. Closes below the 20 day moving average crossing at 82.90 are needed to confirm that a short term top has been posted.

First resistance is the aforementioned downtrend line crossing near 88.40
Second resistance is the 38% retracement level of the May-October decline crossing at 90.65

First support is the 20 day moving average crossing at 82.90
Second support is this month's low crossing at 74.95

Crude oil pivot point for Monday morning is 86.00

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Natural gas was higher overnight as it extends last Friday's rally above the 20 day moving average crossing at 3.685. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the 20 day moving average crossing at 3.685 are needed to confirm that a short term low has been posted. If November renews this year's decline, monthly support crossing at 3.225 is the next downside target.

First resistance is the 25% retracement level of the June-October decline crossing at 3.859 Second resistance is the reaction high crossing at 3.926

First support is last Thursday's low crossing at 3.446
Second support is monthly support crossing at 3.225
Natural gas pivot point for Monday morning is 3.653

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Gold was slightly higher overnight as it extends the rally off September's low. Stochastics and the RSI remain bullish hinting that a short term low might be in or is near. Closes above last Wednesday's high crossing at 1693.90 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 the overnight high crossing at 1696.80
Second resistance is the 50% retracement level of September's decline crossing at 1729.40

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 is 1677.00

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