Crude oil traded overnight due to profit taking as traders consolidated some of Thursday's rally. While we have turned positive as we move closer to the pre market release of the GDP numbers, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If September renews Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above Monday's high crossing at 68.99 are needed to renew the rally off this month's low.
Friday's pivot point for crude oil is 65.58
First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is the 20 day moving average crossing at 64.38
Second support is Wednesday's low crossing at 62.70
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Natural gas was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain 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 3.765 are needed to temper the near term bearish outlook in the market.
Friday's pivot point for natural gas is 3.67
First resistance is the 10 day moving average crossing at 3.77
Second resistance is the reaction high crossing at 4.05
First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.37
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