Crude oil was steady to slightly lower overnight as it consolidates some of Wednesday's rally. Stochastics and the RSI are overbought but are neutral signaling that sideways to higher prices are possible near term.
If December extends this month's rally, weekly resistance crossing at 84.83 is the next upside target. Closes below the 20 day moving average crossing at 74.33 would confirm that a short term top has been posted.
Friday's pivot point, our line in the sand is 80.88
First resistance is Wednesday's high crossing at 82.00
Second resistance is weekly resistance crossing at 84.83
First support is the 10 day moving average crossing at 78.39
Second support is the 20 day moving average crossing at 74.33
What are you waiting for....Here is 10 FREE Trading Lessons!
Natural gas was higher due to short covering overnight as it consolidates some of Thursday's decline. Stochastics and the RSI are diverging and are turning bearish hinting that a short term top might be in or is near. Closes below the reaction low crossing at 5.280 are needed to confirm that a short term top has been posted.
If December extends this rally, June's high crossing at 6.170 then the 25% retracement level of the 2008-2009 decline crossing at 6.450 are the next upside targets.
First resistance is Wednesday's high crossing at 5.989.
Second resistance is June's high crossing at 6.170.
First support is Thursday's low crossing at 5.580
Second support is last Thursday's low crossing at 5.280
How To Find Winning Trades In Any Market
The U.S. Dollar was higher due to short covering overnight as it consolidates some of Wednesday's decline. 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 76.27 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 75.66
Second resistance is the 20 day moving average crossing at 76.27
First support is Wednesday's low crossing at 75.08
Second support is monthly support crossing at 73.39
No comments:
Post a Comment