Crude oil was higher overnight trading above the 20 day moving average crossing at 70.27 as it extended this week's rebound. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 70.32 are needed to confirm that a short term low has been posted.
If July renews Monday's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target.
Friday's Pivot point, our line in the sand is 69.82
First resistance is the overnight high crossing at 71.29.
Second resistance is the reaction high crossing at 73.90.
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 higher due to short covering overnight as it extends Thursday's short covering bounce. 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 3.997 would temper the near term bearish outlook in the market.
The natural gas pivot point for Friday, 4.01
First resistance is the 20 day moving average crossing at 3.937
Second resistance is the 10 day moving average crossing at 3.997
First support is Wednesday's low crossing at 3.717
Second support is the reaction low crossing at 3.550
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