Can it be....Crude Oil AND U.S. Dollar set for Lower Open on Tuesday

Crude oil closed lower on Monday as it extends last week's decline. The low range close sets the stage for a steady to lower opening on Tuesday. If January extends the decline off October's high, the 75% retracement level of this fall's rally crossing at 70.23 is the next downside target. Closes above the reaction high crossing at 79.04 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 76.56
Second resistance is the 20 day moving average crossing at 77.74

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

What do Super Traders have in common?

Natural gas closed higher due to short covering on Monday and above the 20 day moving average crossing at 4.822 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near term.

If January extends today's rally, the reaction high crossing at 5.290 is the next upside target. If January renews this year's decline, weekly support crossing at 4.157 is the next downside target.

First resistance is today's high crossing at 5.009
Second resistance is the reaction high crossing at 5.290

First support is last Thursday's low crossing at 4.432
Second support is weekly support crossing at 4.157

Double Tops and Pivot Points Explained

The U.S. Dollar closed lower due to profit taking on Monday as it consolidated some of last Friday's rally but remains above the 20 day moving average crossing at 75.49. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If March extends last week's rally, November's high crossing at 77.27 is the next upside target. Closes below the 10 day moving average crossing at 75.32 would temper the near term friendly outlook in the Dollar.

First resistance is today's high crossing at 76.57
Second resistance is November's high crossing at 77.27

First support is the 20 day moving average crossing at 75.49
Second support is the 10 day moving average crossing at 75.32

The Buy and Hold Myth.....Is Buy and Hold Back?

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