Saturday, June 2, 2012

Crude Oil Bulls Take Brutal Beating on Jobs Report....Next stop $81.36!

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Crude oil closed lower on Friday following today's bearish jobs data, which suggest that we will likely see lower demand this summer. The low range close sets the stage for a steady to lower opening when Sundays evening session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If July extends this month's decline, the 87% retracement level of the 2011-2012 rally crossing at 81.36 is the next downside target. Closes above the 20 day moving average crossing at 92.88 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 89.64. Second resistance is the 20 day moving average crossing at 92.88. First support is today's low crossing at 82.29. Second support is the 87% retracement level of the 2011-2012 rally crossing at 81.36.

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Natural gas closed lower on Friday extending this week's decline. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If July extends this week's decline, the reaction low crossing at 2.166 is the next downside target. Closes above the 10 day moving average crossing at 2.606 would confirm that a short term low has been posted First resistance is the 10 day moving average crossing at 2.606. Second resistance is the reaction high crossing at 2.838. First support is today's low crossing at 2.313. Second support is the reaction low crossing at 2.166.

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Gold closed sharply higher on Friday following this morning's bearish jobs report. The mid range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling sideways to higher prices are possible near term. Today's close above the reaction high crossing at 1601.40 confirms that a short term low has been posted. If August extends today's rally, April's high crossing at 1674.30 is the next upside target. If August renews the decline off February's high, the 75% retracement level of the 2010-2011 rally crossing at 1461.30 is the next downside target. First resistance is today's high crossing at 1632.00. Second resistance is April's high crossing at 1674.30. First support is the reaction low crossing at 1529.30. Second support is the 75% retracement level of the 2010-2011 rally crossing at 1461.30.

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