Crude oil was lower overnight as it consolidates some of this week's short covering rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 64.99 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.
Friday's pivot point for crude oil, our line in the sand is 61.59
First resistance is the overnight high crossing at 62.35
Second resistance is the 20 day moving average crossing at 64.99
First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97
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Natural gas was lower overnight as it consolidates some of Thursday's rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.66 are needed to confirm that a short term low has been posted.
If August natural gas renews the decline off June's high, weekly support crossing at 3.16 is the next downside target.
The natural gas pivot point for Friday is 3.52
First resistance is the 20 day moving average crossing at 3.66
Second resistance is Thursday's high crossing at 3.68
First support is the 10 day moving average crossing at 3.43
Second support is Monday's low crossing at 3.23
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