Crude oil was higher overnight due to short covering but remains below the 20 day moving average crossing at 70.02. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term.
If July 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 70.32 are needed to confirm that a short term low has been posted.
Thursday's pivot point, our line in the sand is 68.77
First resistance is the 20 day moving average crossing at 70.02
Second resistance is the 10 day moving average crossing at 70.32
First support is Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25
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Natural gas was slightly lower overnight as it extends Wednesday's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If July extends this week's decline, the reaction low crossing at 3.550 is the next downside target. Closes above the 10 day moving average crossing at 3.987 would temper the near term bearish outlook in the market.
The natural gas pivot point for Thursday is 3.80
First resistance is the 20 day moving average crossing at 3.93
Second resistance is the 10 day moving average crossing at 3.99
First support is Wednesday's low crossing at 3.72
Second support is the reaction low crossing at 3.56
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