Crude Oil Bulls Seem to Have The Advantage, Natural Gas Closes Sharply Higher

Crude oil closed lower due to profit taking on Friday as it consolidated some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. The mid range close sets the stage for a steady to higher opening on Monday.

If November extends this week's rally, September's high crossing at 73.58 is the next upside target. Closes below today's low crossing at 68.32 would temper the near term friendly outlook in the market.

First resistance is Thursday's high crossing at 71.39
Second resistance is September's high crossing at 73.58

First support is today's low crossing at 68.32
Second support is last week's low crossing at 65.05

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Natural gas closed sharply higher due to short covering on Friday as it consolidated some of Thursday's decline but remains below the 10 day moving average crossing at 4.725. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 4.471 are needed to confirm that a short term top has been posted. If November renews last month's rally, the 50% retracement level of this year's decline crossing at 5.320 is the next upside target.

First resistance is last Friday's high crossing at 4.99
Second resistance the 50nq % retracement level at 5.32

First support is the 20-day moving average crossing at 4.42
Second support is today's low crossing at 4.35

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The Your keywordU.S. Dollar closed lower on Friday as it consolidated some of Thursday's rally but remains above the 20 day moving average crossing at 77.10. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If December extends this week's rally, September's high crossing at 79.29 is the next upside target. If December renews September's decline, monthly support crossing at 75.73 is the next downside target.

First resistance is Tuesday's high crossing at 77.73
Second resistance is September's high crossing at 79.29

First support is last Wednesday's low crossing at 76.22
Second resistance is monthly support crossing at 75.73