High Range Crude Oil Close Sets Stage For Higher Open Monday

Crude oil closed higher on Friday extending Thursday's breakout above the 20 day moving average crossing at 65.13. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 10 day moving average crossing at 64.25 would confirm that a short term top has been posted.

First resistance is today's high crossing at 68.18
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 65.13
Second support is the 10 day moving average crossing at 64.25

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Natural gas closed higher on Friday as it consolidates above the 20 day moving average crossing at 3.721. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the rally off last week's low, the reaction high crossing at 4.261 is the next upside target. Closes below the 10 day moving average crossing at 3.721 would temper the near term friendly outlook.

First resistance is Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 10 day moving average crossing at 3.72
Second support is last Monday's low crossing at 3.23

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