Oil majors appear poised to test mid term neutral resistance levels as we move into a week loaded with earnings reports from the major oil companies. Crude oil closed higher on today extending the rally off this month's low. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are becoming overbought but remains bullish signaling that sideways to higher prices are possible near term.
If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.94 would confirm that a short term top has been posted.
First resistance is today'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 64.94
Second support is the reaction low crossing at 63.76
Today’s Stock Market Club Trading Triangles
Natural gas closed lower on Monday due to light profit taking but remains above the 20 day moving average crossing at 3.706. The mid range close sets the stage for a steady opening on Tuesday. 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 3.706 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 the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.23
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