Sunday, April 22, 2012

Commodities Market Summary for Sunday April 22nd

Crude oil closed higher on Friday but remains locked in March's down trending channel. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above Tuesday's high crossing at 105.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. 

Here's our pivot, resistance and support numbers to get the week started tonight!

Daily Pivot PointsNormal RangeLast Bar
Crude OilChart100.48101.31102.01102.84103.54104.37105.07103.66102.13102.72
Natural GasChart1.8131.8581.8821.9271.9511.9962.0201.9711.9021.907
Heating OilChart3.07713.09443.10983.12713.14253.15983.17523.14453.11183.1251
Gasoline RBOBChart3.02443.07973.11693.17223.20943.26473.30193.22753.13503.1541
Extreme Range

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