Crude oil closed slightly lower on Thursday as the market extends this week's trading range. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If September extends the rally off July's low, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 66.28 would confirm that a short term top has been posted.
First resistance is today's high crossing at 72.42
Second resistance is the reaction high crossing at 74.25
First support is the 10 day moving average crossing at 69.02
Second support is the 20 day moving average crossing at 66.28
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Natural gas closed sharply lower on Thursday as it consolidated some of this week's rally. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 3.747 would confirm that a short term top has been posted. If September extends the rally off July's low, June's high crossing at 4.716 is the next upside target.
First resistance is Monday's high crossing at 4.16
Second resistance is June's high crossing at 4.72
First support is the 20 day moving average crossing at 3.75
Second support is the reaction low crossing at 3.46
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