Crude Oil Closes Higher On Improved Demand Outlook, Better Than Expected Employment Numbers

June crude oil closed higher on Friday as it extends the rally off April's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally, January's high crossing at 59.66 is the next upside target. Closes below the 20 day moving average crossing at 52.20 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 58.67.
Second resistance is January's high crossing at 59.66.

First support is the 10 day moving average crossing at 53.50.
Second support is the 20 day moving average crossing at 52.20.

Today’s Stock Market Club Trading Triangles

The June Dollar closed sharply lower on Friday and below March's low crossing at 83.14. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term.

If June extends the decline, the 87% retracement level of the December-March rally crossing at 81.49 is the next downside target. Multiple closes above the 20 day moving average crossing at 85.13 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 84.47.
Second resistance is the 20 day moving average crossing at 85.13.

First support is today's low crossing at 82.76.
Second support is the 87% retracement level crossing at 81.49.

Today’s Stock Market Club Trading Triangles

The June S&P 500 index closed higher on Friday as it extends this spring's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought 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 869.08 are needed to confirm that a short term top has been posted.

First resistance is Thursday's high crossing at 929.00.
Second resistance is January's high crossing at 937.00.

First support is the 10 day moving average crossing at 887.79.
Second support is the 20 day moving average crossing at 869.08.


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