Crude oil closed sharply lower on Wednesday and below the 20 day moving average crossing at 64.39 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near term.
If September extends this week's decline, this month's low crossing at 59.30 is the next downside target. Closes above Monday's high crossing at 68.99 would confirm that a short term low has been posted while renewing the rally off this month's low.
First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is today's low crossing at 62.76
Second support is this month's low crossing at 59.30
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Natural gas closed lower on Wednesday as it extends this week's decline. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If September extends this week's decline, this month's low crossing at 3.445 is the next downside target. Closes above the 10 day moving average crossing at 3.782 would temper the near term bearish outlook.
First resistance is today's high crossing at 3.70
Second resistance is the 10 day moving average crossing at 3.78
First support is today's low crossing at 3.46
Second support is this month's low crossing at 3.23
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