May crude oil closed lower on Monday due to profit taking as it consolidated some of last week's rally. The low range close sets the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
If May extends last week's rally, March's high crossing at 54.66 is the next upside target. Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.
First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.
First support is the 20 day moving average crossing at 50.35.
Second support is last Wednesday's low crossing at 47.26.
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The June Dollar posted a key reversal up on Monday as it consolidated some of last week's decline but remains below the 10 day moving average crossing at 85.15. The high range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If June extends last week's decline, March's low crossing at 83.14 is the next downside target. Closes above the 20 day moving average crossing at 85.85 would confirm that a short term low has been posted.
First resistance is the 20 day moving average crossing at 85.85.
Second resistance is last Monday's high crossing at 86.61.
First support is today's low crossing at 84.10.
Second support is March's low crossing at 83.14.
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