Crude Oil Closes Sharply Higher, Sets Up Higher Open On Tuesday

June crude oil closed sharply higher on Monday as it consolidated some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 54.16 are needed to confirm that a short term top has been posted.

If June renews the rally off April's low, the reaction high crossing at 61.33 is the next upside target.

First resistance is last Tuesday's high crossing at 60.08
Second resistance is the reaction high crossing at 61.33

First support is last Friday's low crossing at 56.07
Second support is the 20 day moving average crossing at 54.16

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June Henry natural gas closed higher on Monday due to short covering as it consolidates some of last week's decline. The mid range close sets the stage for a steady opening on Tuesday.

Stochastics and the RSI have turned bearish warning bulls to use caution as a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.828 are needed to confirm that a short term top has been posted.

If June renews this month's rally, March's high crossing at 4.609 is the next upside target.

First resistance is last Wednesday's high crossing at 4.575
Second resistance is March's high crossing at 4.609

First support is today's low crossing at 3.997
Second support is the 20 day moving average crossing at 3.828

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The June Dollar closed lower on Monday and the low range close sets the stage for a steady to lower opening on Tuesday. However, stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Multiple closes above the 20 day moving average crossing at 84.23 are needed to confirm that a short term low has been posted.

If June extends this month's decline, the 87% retracement level of the December-March rally crossing at 81.49 is the next downside target.

First resistance is the 10 day moving average crossing at 83.11
Second resistance is the 20 day moving average crossing at 84.23

First support is last Wednesday's low crossing at 81.98
Second support is the 87% retracement level crossing at 81.49