Crude oil closed higher on Thursday as it extends this week's short covering rebound. The high range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are turning neutral hinting that a short term low might be in or is near. Closes above last Friday's high crossing at 72.85 are needed to confirm that a short term low has been posted.
If August renews this week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.
First resistance is today's high crossing at 70.93
Second resistance is last Friday's high crossing at 72.85
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 closed higher due to short covering on Thursday as it consolidated some of this week's decline. The mid range close sets the stage for a steady opening on Friday. 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. 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 the 10 day moving average crossing at 3.99
Second resistance is last Tuesday's high crossing at 4.39
First support is Wednesday's low crossing at 3.72
Second support is the reaction low crossing at 3.56
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