Crude oil was slightly higher overnight as it extends the current narrow trading range, which began last Thursday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 67.89 are needed to confirm that a short term top has been posted.
If July resumes this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Thursday's pivot point for crude oil, our line in the sand is 70.37
First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38
First support is Wednesday's low crossing at 69.00
Second support is the 20 day moving average crossing at 67.89
Today’s Stock Market Club Trading Triangles
Natural gas was slightly higher overnight as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If July extends this week's rally, May's high crossing at 4.690 is the next upside target.
Thursday pivot point for natural gas is 4.19
First resistance is Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690
First support is the 10 day moving average crossing at 3.968
Second support is the 20 day moving average crossing at 3.903
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