Crude oil was lower overnight due to profit taking as it consolidates some of the rally off this month's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 64.54 would temper the near term friendly outlook in the market. If September extends the rally, the reaction high crossing at 74.25 is the next upside target.
Wednesday's pivot point for crude oil is 67.52
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 64.54
Second support is the reaction low crossing at 63.76
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Natural gas was lower overnight and trading below the 20 day moving average crossing at 3.676. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 3.676 would temper the near term friendly outlook in the market. If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
Natural gas pivot point for Wednesday is 3.71
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is Tuesday's low crossing at 3.61
Second support is this month's low crossing at 3.37
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