Monday, January 6, 2014

Crude Oil, Natural Gas, Gold and Coffee Market Summary for Monday January 6th

Crude oil closed lower on Monday as it extends the decline off December's high. Today's low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI remain bearish signaling that additional weakness is possible. If February extends last week's decline, November's low crossing at 92.10 is the next downside target. Closes above the 20 day moving average crossing at 97.84 are needed to temper the near term bearish outlook. First resistance is the 20 day moving average crossing at 97.84. Second resistance is December's high crossing at 100.75. First support is today's low crossing at 93.20. Second support is November's low crossing at 92.10.

Natural gas closed slightly lower on Monday. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. If February extends last week's decline, the 38% retracement level of the November-December rally crossing at 4.158 is the next downside target. Closes above the 10 day moving average crossing at 4.388 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 4.388. Second resistance is December's high crossing at 4.532. First support is last Friday's low crossing at 4.206. Second support is the 38% retracement level of the November-December rally crossing at 4.158.

Gold closed slightly higher on Monday as it extends the rally off December's low. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If February extends the aforementioned rally, December's high crossing at 1267.50 is the next upside target. If February renews the decline off August's high, weekly support crossing at 1179.40 is the next downside target. First resistance is today's high crossing at 1247.70. Second resistance is December's high crossing at 1267.50. First support is December's low crossing at 1181.40. Second support is weekly support crossing at 1179.40.

Coffee closed sharply higher on Monday renewing the rally off November's low. The high range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging but turning bullish signaling that sideways to higher prices are possible near term. If March extends the aforementioned rally, September's high crossing at 12.40 is the next upside target. Closes below last Thursday's low crossing at 11.02 would confirm that a short term top has been posted.

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