Friday, August 23, 2013

Crude Oil Shakes off the Nasdaq Blues and Ballmer News to Finish Higher

October crude oil closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 102.22 would confirm that a double top has been posted. 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. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is the reaction low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed higher on Friday as it extended Thursday's key reversal up. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1676.40 would confirm that a short term low has been posted. If September resumes the decline off August's high, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. First resistance is the 10 day moving average crossing at 1661.17. Second resistance is the 20 day moving average crossing at 1676.40. First support is Thursday's low crossing at 1631.70. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.

October gold closed higher on Friday renewing the rally off June's low. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to 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 20 day moving average crossing at 1333.70 would confirm that a short term top has been posted. First resistance is today's high crossing at 1399.40. Second resistance is June's high crossing at 1424.00. First support is the 20 day moving average crossing at 1333.70. Second resistance is the reaction low crossing at 1272.10.

September Henry natural gas closed lower due to profit taking on Friday as it consolidates some of this month's rally. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If September extends this month's rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 20 day moving average crossing at 3.473 would confirm that a short term top has been posted. First resistance is today's high crossing at 3.562. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 20 day moving average crossing at 3.473. Second support is August's low crossing at 3.129.

Check out the Day Trading History of 16 Major Candlestick Patterns


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