June crude oil closed lower due to profit taking on Tuesday as it consolidates some of its recent gains. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If June extends the rally, April's high crossing at 55.85 is the next upside target. Closes below the 10 day moving average crossing at 51.36 are needed to confirm that a short term low has been posted.
First resistance is today's high crossing at 54.83.
Second resistance is April's high crossing at 55.85.
First support is the 20 day moving average crossing at 51.56.
Second support is the 10 day moving average crossing at 51.36.
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The June Dollar closed higher due to short covering on Tuesday as it consolidated some of Monday's decline. The high range close sets the stage for a steady to higher opening on Wednesday. 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 20 day moving average crossing at 85.46 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 85.09.
Second resistance is the 20 day moving average crossing at 85.46.
First support is today's low crossing at 83.62.
Second support is March's low crossing at 83.14.
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The June S&P 500 index closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. 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 856.13 are needed to confirm that a short term top has been posted.
First resistance is today's high crossing at 904.90.
Second resistance is January's high crossing at 937.00.
First support is the 10 day moving average crossing at 868.18.
Second support is the 20 day moving average crossing at 856.13.
Barclay's reported today that they see Crude oil trading $71 dollars in the near future. Do you agree? Please feel free to comment!
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