Tuesday, October 18, 2011

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

Crude oil opened lower Tuesday morning as it consolidates below the May-July downtrend line crossing near 87.11. 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 82.61 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 82.61.
Second support is this month's low crossing at 74.95.

Crude oil pivot point for Tuesday mornings trading is 86.81.

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December gold opened lower as it consolidates some of the rally off September's low. Stochastics and the RSI are overbought but remain neutral to 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 Monday's 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.

Golds pivot point for Tuesdays trading is 1679.60.

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Natural gas was lower overnight as it consolidates around the 20 day moving average crossing at 3.671. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the 20 day moving average crossing at 3.671 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 Tuesday morning is 3.702.


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