Crude oil closed lower on Wednesday and below the 38% retracement level of this spring's rally crossing at 62.20 as it extended this month's decline. The low range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.86 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 66.95
Second resistance is the 20 day moving average crossing at 68.86
First support is today's low crossing at 60.01
Second support is the 50% retracement level crossing at 58.58.
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Natural gas closed lower on Wednesday as it extends this week's breakout below April's low crossing at 3.52. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.947 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 3.72
Second resistance is the 20 day moving average crossing at 3.95
First support is today's low crossing at 3.34
Second support is weekly support crossing at 3.16
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