Crude oil was higher overnight as the U.S. Dollar is lower on profit taking. However, stochastics and the RSI for the dollar is bullish signaling that sideways to higher prices are possible near term. Oil also was higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20 day moving average crossing at 64.23. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.
If September extends Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above the 10 day moving average crossing at 65.91 would temper the near term bearish outlook in the market.
Crude oil pivot point for Thursday is 64.20
First resistance is the 20 day moving average crossing at 59.30
Second resistance is the 10 day moving average crossing at 65.91
First support is Wednesday's low crossing at 62.70
Second support is this month's low crossing at 59.30
Trading Video: US Dollar Index and it’s affect on Crude Oil
Natural gas was higher due to light short covering overnight as it consolidates some of this week's decline but remains below the 20 day moving average. 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 3.366 is the next downside target. Closes above the 10 day moving average crossing at 3.760 would temper the near term bearish outlook in the market.
Thursday's pivot point for natural gas is 3.56
First resistance is the 20 day moving average crossing at 3.66
Second resistance is the 10 day moving average crossing at 3.76
First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.37
It's true, you can learn to trade crude oil in 90 Seconds
No comments:
Post a Comment