Thursday, August 15, 2013

Crude oil bulls hold their ground as the markets fall around them

September crude oil closed higher on Thursday. The mid range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below last Thursday's low crossing at 102.22 would confirm that a short term top has been posted. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is last Thursday's low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

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The September S&P 500 closed sharply lower on Thursday as it extends this month's decline. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off last week's high, the 38% retracement level of the June-August rally crossing at 1647.42 is the next downside target. Closes above the 10 day moving average crossing at 1688.79 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1688.79. Second resistance is this month's high crossing at 1705.00. First support is today's low crossing at 1656.00. Second support is the 38% retracement level of the June-August rally crossing at 1647.42.

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September Henry natural gas closed higher on Thursday as it extends the rally off last week's low. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.448 would confirm that a short term low has been posted. If September renews this year's decline, psychological support crossing at 3.000 is the next downside target. First resistance is the 20 day moving average crossing at 3.448. Second resistance is the 25% retracement level of the May-August decline crossing at 3.478. First support is last Thursday's low crossing at 3.129. Second support is psychological support crossing at 3.000.

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October gold closed sharply higher on Thursday renewing the rally off June's low. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near term. If October extends the aforementioned rally, June's high crossing at 1424.00 is the next upside target. Closes below the 10 day moving average crossing at 1315.40 would confirm that a short term top has been posted. First resistance is today's high crossing at 1369.20. Second resistance is June's high crossing at 1424.00. First support is the 10 day moving average crossing at 1315.40. Second resistance is last Wednesday's low crossing at 1272.10.

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