Crude oil closed lower [80.50] due to profit taking on Friday as it consolidated some of Wednesday's rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. The low range close sets the stage for a steady to lower opening on Monday.
Closes below the 20 day moving average crossing at 74.28 would confirm that a short term top has been posted. If December extends this month's rally, the 38% retracement level of the 2008-2009 decline crossing at 84.64 is the next upside target.
First resistance is Wednesday's high crossing at 82.00
Second resistance is the 38% retracement level at 84.64
First support is the 10 day moving average crossing at 78.29
Second support is the 20 day moving average crossing at 74.28
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Natural gas closed lower [4.787] on Friday and the low range close sets the stage for a steady to lower opening on Monday. Today's decline turned stochastics and the RSI bearish signaling that sideways to lower prices are possible near term. If December extends this week's decline, the reaction low crossing at 5.280 is the next downside target.
First resistance is Wednesday's high crossing at 5.989
Second resistance is June's high crossing at 6.170
First support is today's low crossing at 5.473
Second support is the reaction low crossing at 5.280
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The U.S. Dollar closed higher due to short covering on Friday as it consolidated some of this month's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If December extends this year's decline, monthly support crossing at 73.39 is the next downside target. Closes above the 20 day moving average crossing at 76.28 would confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 75.68
Second resistance is the 20 day moving average crossing at 76.28
First support is Wednesday's low crossing at 75.09
Second resistance is monthly support crossing at 73.39
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