Crude oil closed slightly lower on Monday as it extended this month's decline. The mid range close sets the stage for a steady opening on Tuesday. 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 66.99 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 63.87
Second resistance is the 20 day moving average crossing at 66.99
First support is today's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97
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Natural gas gapped down and closed lower on Monday as it extended the decline off June's high. A short covering rally tempered early loses and the mid range close sets the stage for a steady opening on Tuesday. 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 3.819 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 3.52
Second resistance is the 20 day moving average crossing at 3.82
First support is today's low crossing at 3.23
Second support is weekly support crossing at 3.16
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