Crude Oil Trading Slightly Lower, Do we Have a Near Term Bottom?

Crude oil was slightly lower overnight as it extends last Friday's decline. Stochastics and the RSI are turning bullish signaling that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 78.56 would confirm that a short term low has been posted. If January extends this month's decline, the 75% retracement level of this fall's rally crossing at 70.23 is the next downside target.

Monday's pivot point, our line in the sand is 75.43

First resistance is the 10 day moving average crossing at 77.84
Second resistance is the 20 day moving average crossing at 78.56

First support is last Friday's low crossing at 72.39
Second support is the 75% retracement level of this fall's rally crossing at 70.23

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Natural gas was lower due to profit taking overnight as it consolidated some of last week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If January extends last week's rally, the 50% retracement level of the October-November decline crossing at 5.413 is the next upside target. Closes below the 10 day moving average crossing at 4.901 are needed to confirm that a short term top has been posted.

Natural gas pivot for Monday is 5.086

First resistance is last Friday's high crossing at 5.290
Second resistance is the 50% retracement level of the October-November decline crossing at 5.413

First support is the 20 day moving average crossing at 4.946
Second support is the 10 day moving average crossing at 4.901

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The U.S. Dollar was lower overnight as it consolidates below the 10 day moving average crossing at 75.11. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.35 would temper the near term bearish outlook in the market. If December extends this month's decline, monthly support crossing at 73.39 is the next downside target.

First resistance is the 10 day moving average crossing at 75.11
Second resistance is the 20 day moving average crossing at 75.35

First support is last week's low crossing at 74.21
Second support is monthly support crossing at 73.39

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