Crude oil was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.64 are needed to confirm that a short term top has been posted.
Crude oil's pivot point for Friday is 72.35
First resistance is Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 69.41
Second support is the 20 day moving average crossing at 65.64
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Natural gas was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
If July extends Thursday's rally, the reaction high crossing at 4.284 is the next upside target.
First resistance is Thursday's high crossing at 4.07
Second resistance is the reaction high crossing at 4.28
First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50
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The Dollar was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.
If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. If June extends this week's decline, the reaction low crossing at 78.37 is the next downside target.
First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33
First support is Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.37
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