Crude oil was lower overnight as it consolidates below the 20 day moving average crossing at 69.87. Stochastics and the RSI remain 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 70.78 are needed to confirm that a short term low has been posted.
Wednesday's pivot point, our line in the sand is 68.17
First resistance is the 20 day moving average crossing at 69.87
Second resistance is the 10 day moving average crossing at 70.78
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 higher due to short covering overnight as it consolidates some of Tuesday's decline but remains below the 20 day moving average crossing at 3.948. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If July extends this week's decline, the reaction low crossing at 3.55 is the next downside target. Closes above the 10 day moving average crossing at 4.02 would temper the near term bearish outlook in the market.
The natural gas pivot point is 3.90 for Wednesday.
First resistance is the 20 day moving average crossing at 3.95
Second resistance is the 10 day moving average crossing at 4.02
First support is Tuesday's low crossing at 3.83
Second support is the reaction low crossing at 3.55
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1 comment:
What are the products we can get from crude oil?
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