September crude oil was steady to slightly lower overnight as it consolidates some of the rally off this month's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.81 would temper the near term friendly outlook in the market.
Crude oil's pivot point for Tuesday is 68.25
First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is the 20 day moving average crossing at 64.81
Second support is the reaction low crossing at 63.76
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Natural gas was higher overnight as it consolidates above the 20 day moving average crossing at 3.696. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.696 would temper the near term friendly outlook in the market.
If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is the 20 day moving average crossing at 3.70
Second support is this month's low crossing at 3.37
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