Crude Oil Rally Under Pressure From Jobless Claims

Crude oil was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. The bullish case is under pressure this morning by worse then expected jobless claims this morning, creating demand concerns among traders.

If September extends this week's rally, the reaction high crossing at 72.84, then June's high crossing at 74.66 are the next upside targets. Closes below Monday's low crossing at 65.23 would confirm that a top has been posted.

Thursday's pivot point, our line in the sand is 72.53

First resistance is Wednesday's high crossing at 72.80
Second resistance is this month's high crossing at 72.84

First support is the 10 day moving average crossing at 69.97
Second support is the 20 day moving average crossing at 69.50

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The U.S. Dollar was higher overnight as it consolidates some of Wednesday's decline. However, stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below last Friday's low crossing at 78.30 would temper the near term friendly outlook.

Closes below the reaction low crossing at 77.52 would renew this summer's decline. Closes above the reaction high crossing at 79.81 are needed to confirm that a short term low has been posted and would open the door for a larger degree rebound during August.

First resistance is the reaction high crossing at 79.81
Second resistance is July's high crossing at 81.16

First support is last Friday's low crossing at 78.30
Second support is this month's low crossing at 77.52

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Natural gas was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If September extends this month's decline, weekly support crossing at 2.640 is the next downside target. Closes above the 20 day moving average crossing at 3.575 would confirm that a short term low has been posted.

Natural gas pivot point for Thursday is 3.12

First resistance is the 10 day moving average crossing at 3.34
Second resistance is broken trading range support crossing at 3.37

First support is Wednesday's low crossing at 3.05
Second support is weekly support crossing at 2.64