Profit Taking Tempers Early Gains in Crude Oil, Natural Gas Closes Higher

Crude oil closed higher on Tuesday and above the 20 day moving average crossing at 64.67. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the 20 day moving average crossing at 64.67 would confirm that a short term low has been posted while opening the door for a larger degree rebound during the last half of July. Closes below the 10 day moving average crossing at 61.54 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 65.53
Second resistance is the reaction high crossing at 73.38

First support is the 10 day moving average crossing at 61.54
Second support is last Monday's low crossing at 58.32

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Natural gas closed higher on Tuesday as it consolidates above the 20 day moving average crossing at 3.627. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If August extends the rally off last week's low, the reaction high crossing at 4.138 is the next upside target. Closes below the 10 day moving average crossing at 3.483 would temper the near term friendly outlook.

First resistance is last Friday's high crossing at 3.79
Second resistance is the reaction high crossing at 4.14

First support is the 10 day moving average crossing at 3.48
Second support is last Monday's low crossing at 3.23

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