Crude oil was higher overnight as it extends the rally off September's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If November extends the rally, September's high crossing at 73.58 is the next upside target. Closes below the 20 day moving average crossing at 70.22 would temper the near term friendly outlook in the market.
Monday's pivot point, our line in the sand is 71.58
First resistance is the overnight high crossing at 73.13
Second resistance is September's high crossing at 73.58
First support is the 10 day moving average crossing at 70.54
Second support is the 20 day moving average crossing at 70.22
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Natural gas was higher due to short covering overnight as it consolidates some of last Friday's decline. Stochastics and the RSI are diverging and are neutral to bearish signaling that a short term top might be in or is near. Closes below the reaction low crossing at 4.351 would confirm that a short term top has been posted.
If November extends the rally off September's low, August's high crossing at 5.133 then the 50% retracement level of this year's decline crossing at 5.320 are the next upside targets.
Nat gas pivot point for Monday is 4.84
First resistance is last Tuesday's high crossing at 5.12
Second resistance is August's high crossing at 5.13
First support is last Friday's low crossing at 4.75
Second support is the 20 day moving average crossing at 4.74
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The U.S. Dollar was lower overnight as it consolidates some of last Friday's rally but remains above monthly support crossing at 75.73. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.
If December extends this month's decline, monthly support crossing at 73.39 is the next downside target. Closes above the reaction high crossing at 77.74 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 76.80
Second resistance is the reaction high crossing at 77.74
First support is last Thursday's low crossing at 75.68
Second support is monthly support crossing at 73.39
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