Crude oil closed higher on Friday and above the 10 day moving average crossing at 61.36 signaling that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.
If August extends this week's rally, the 20 day moving average crossing at 65.07 is the next upside target. Closes above the 20 day moving average crossing at 65.07 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 this spring's rally crossing at 54.97 is the next downside target.
First resistance is today's high crossing at 63.99
Second resistance is the 20 day moving average crossing at 65.07
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 closed slightly higher on Friday and above the 20 day moving average crossing at 3.661 signaling that a short term low might be in or is near. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
Multiple closes above the 20 day moving average crossing at 3.661 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.
First resistance is the 20 day moving average crossing at 3.66
Second resistance is today's high crossing at 3.79
First support is the 10 day moving average crossing at 34.36
Second support is Monday's low crossing at 3.23
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