June crude oil closed slightly higher on Thursday as it extends the rally off last week's low. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 51.62 are needed to confirm that a short term low has been posted. Closes below the reaction low crossing at 46.72 would renew this month's decline while opening the door for a possible test of the reaction low crossing at 45.08.
First resistance is today's high crossing at 51.94.
Second resistance is the reaction high crossing at 53.21.
First support is last Wednesday's low crossing at 46.72.
Second support is the reaction low crossing at 45.08.
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The June S&P 500 index closed slightly lower on Thursday as profit taking tempered early gains and the low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20 day moving average crossing at 847.51 are needed to confirm that a short term top has been posted.
First resistance is today's high crossing at 887.10.
Second resistance is January's high crossing at 937.00.
First support is the 10 day moving average crossing at 855.04.
Second support is the 20 day moving average crossing at 847.52.
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The June Dollar closed higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If June extends the decline, March's low crossing at 83.14 is the next downside target. Multiple closes above the 10 day moving average crossing at 85.80 are needed to confirm that a short term low has been posted.
First resistance is the 20 day moving average crossing at 85.54.
Second resistance is the 10 day moving average crossing at 85.80.
First support is today's low crossing at 84.03.
Second support is March's low crossing at 83.14.
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