Crude oil closed higher on Monday as it extends the rally off July's low. The high range close sets the stage for a steady to higher opening on Tuesday. Today's rally has turned stochastics and the RSI neutral to 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 last Wednesday's low crossing at 62.70 would confirm that a short term top has been posted.
First resistance is today's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25
First support is the 10 day moving average crossing at 67.30
Second support is the 20 day moving average crossing at 64.84
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Natural gas closed sharply higher on Monday as it extends last Thursday's rally. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that additional strength is possible near term.
If September extends the rally off July's low, June's high crossing at 4.716 is the next upside target.
First resistance is today's high crossing at 4.16
Second resistance is June's high crossing at 4.72
First support is last Wednesday's low crossing at 3.46
Second support is July's low crossing at 3.23
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