Crude oil closed higher on Friday and above the previous reaction high crossing at 68.99 thereby renewing the rally off this month's low. The high range close sets the stage for a steady to higher opening on Monday. Despite today's rally, stochastics and the RSI remain neutral to bearish hinting that this rally is a corrective rebound.
If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below Wednesday's low crossing at 62.70 are needed to confirm that a short term top has been posted.
First resistance is today's high crossing at 69.74
Second resistance is the reaction high crossing at 74.25
First support is the 10 day moving average crossing at 66.65
Second support is the 20 day moving average crossing at 64.50
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Natural gas closed lower due to profit taking on Friday as it consolidates some of Thursday's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish hinting that additional weakness is possible near term.
If September renews the rally off this month's low, the reaction high crossing at 4.261 is the next upside target. Closes above the reaction high crossing at 4.045 are needed to renew the rally off this month's low.
First resistance is the 10 day moving average crossing at 3.76
Second resistance is the reaction high crossing at 4.05
First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.23
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