Crude Oil Higher Challenging 20 Day Moving Average

Crude oil was higher overnight as it extends last week's rally and is challenging the 20 day moving average crossing at 64.94. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 64.94 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

Monday's pivot point, our line in the sand is 63.94

First resistance is the overnight high crossing at 64.90
Second resistance is the 20 day moving average crossing at 64.94

First support is the 10 day moving average crossing at 61.44
Second support is the reaction low crossing at 58.32

4 FREE Videos for INO TV! Click Here

Natural gas was higher overnight as it extends last week's rally above the 20 day moving average crossing at 36.45. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 3.645 would confirm that a short-term low has been posted while opening the door for a possible test of the reaction high crossing at 4.138 later this month. Closes below the 10 day moving average crossing at 3.461 would temper the near term friendly outlook in the market.

Natural Gas pivot point for Monday is 3.67

First resistance is last Friday's high crossing at 3.785
Second resistance is the reaction high crossing at 4.138

First support is the 10 day moving average crossing at 3.461
Second support is last Monday's low crossing at 3.225

How To Spot Winning Futures See Video NOW