Wednesday, May 2, 2012

Crude Oil Trends Appears to Change....Ball is in the Bulls Court

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Crude oil closed higher on Tuesday and above the reaction high crossing at 105.50 confirming that a short term trend change has taken place. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If June extends today's rally, the reaction high crossing at 109.13 is the next upside target. If June renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 98.14 is the next downside target. First resistance is today's high crossing at 106.43. Second resistance is the reaction high crossing at 109.13. First support is April's low crossing at 101.22. Second support is the 38% retracement level of the October-March rally crossing at 98.14.

Natural gas closed higher on Tuesday as it extended the rally off April's low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If June extends the rally off last week's low, the reaction high crossing at 2.607 is the next upside target. Closes below the 10 day moving average crossing at 2.134 would signal that a short term top has been posted. If June renews the multi year decline, monthly support crossing at 1.620 is the next downside target. First resistance is today's high crossing at 2.385. Second resistance is the reaction high crossing at 2.607. First support is the 10 day moving average crossing at 2.134. Second support is the reaction low crossing at 1.982.

Gold closed slightly higher on Tuesday and the mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling sideways to higher prices are possible near term. Closes above the reaction high crossing at 1699.60 are needed to confirm that a short term low has been posted. If June renews the decline off February's high, the 75% retracement level of the December-February rally crossing at 1595.00 is the next downside target. First resistance is the reaction high crossing at 1681.30. Second resistance is the reaction high crossing at 1699.60. First support is April's low crossing at 1613.00. Second support is the 75% retracement level of the December-February rally crossing at 1595.00.

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