Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near term.
If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 65.72 would confirm that a short term top has been posted.
Crude oil pivot point, our line in the sand for Wednesday is 71.31
First resistance is Monday'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 68.47
Second support is the 20 day moving average crossing at 65.72
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Natural gas was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 4.045 are needed to confirm that a low has been posted while opening the door for a larger degree rebound during the first half of August.
If September renews last week's decline, July's low crossing at 3.366 is the next downside target.
Wednesday's pivot point for Wednesday is 3.97
First resistance is Monday's high crossing at 4.16
Second resistance is the reaction high crossing at 4.72
First support is the 10 day moving average crossing at 3.80
Second support is the 20 day moving average crossing at 3.73
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1 comment:
We are well below the pivot at 10:45 EST, my guess is the market is looking for worse then expected employment numbers Friday. Crude bulls still have the momentum so take your profits today, it is OK to be on the sidelines going into Friday.
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