Crude oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off this month's low. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If September extends this month's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.74 would confirm that a short term top has been posted.
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 64.74
Second support is the reaction low crossing at 63.76
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Natural gas closed lower on Tuesday as it extended Monday's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.
Multiple closes below the 20 day moving average crossing at 3.690 would temper the near term friendly outlook. If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is today's low crossing at 3.61
Second support is this month's low crossing at 3.23
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