Crude oil closed sharply lower on Monday and closed below the 20 day moving average crossing at 68.59 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If July extends today's decline, the 25% retracement level of this spring's rally crossing at 65.56 is the next downside target. Closes above last Friday's high crossing at 72.30 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 70.60
Second resistance is last Friday's high crossing at 72.30
First support is today's low crossing at 66.25
Second support is the 25% retracement level at 65.56
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Natural gas closed lower on Monday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.
If July extends today's decline, the reaction low crossing at 3.550 is the next downside target. From a broad perspective, July needs to close above 4.721 or below 3.395 to confirm a breakout of this spring's trading range and point the direction of the next trending move.
First resistance is last Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690
First support is today's low crossing at 3.860
Second support is the reaction low crossing at 3.550
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