Crude Oil Bulls Still Have Near Term Advantage, Natural Gas May Be Topping

Crude oil traded higher overnight as it extended Thursday's breakout above the 20 day moving average crossing at 65.10. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 10 day moving average crossing at 64.19 would temper the near term friendly outlook in the market.

Crude oil's pivot point for Friday, our line in the sand is 66.20

First resistance is the overnight high crossing at 67.68
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 65.10
Second support is the 10 day moving average crossing at 64.19

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Natural gas was higher overnight due to short covering as it consolidates some of Thursday's decline. Stochastics and the RSI are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 10 day moving average crossing at 3.711 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.

Friday's pivot point for natural gas is 3.65

First resistance is Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 10 day moving average crossing at 3.71
Second support is this month's low crossing at 3.37

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