Crude oil was lower in overnight trading as it extends Monday's decline below the 20 day moving average crossing at 69.54. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If crude oil extends this week's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target. Closes above the 10 day moving average crossing at 70.91 are needed to confirm that a short term low has been posted.
Tuesday's pivot point, our line in the sand is 68.05
First resistance is the 20 day moving average crossing at 69.54
Second resistance is the 10 day moving average crossing at 70.91
First support is the overnight low crossing at 66.37
Second support is the 38% retracement level at 62.25
Today’s Stock Market Club Trading Triangles
Natural gas was higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
Closes below the 20 day moving average crossing at 3.938 would temper the near term friendly outlook in the market.
If July renews this month's rally, May's high crossing at 4.690 is the next upside target.
First resistance is last Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690
First support is Monday's low crossing at 3.860
Second support is the reaction low crossing at 3.550
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