Crude oil was lower overnight as it consolidates some of Wednesday's rally. However, stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 65.35 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.
First resistance is the 10 day moving average crossing at 61.47
Second resistance is the 20 day moving average crossing at 65.35
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 higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 3.669 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.
Thursday pivot point for natural gas is 3.36
First resistance is Wednesday's high crossing at 3.53
Second resistance is the 20-day moving average crossing at 3.67
First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16
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