Crude Oil Bulls Keep The Momentum as They Look to Wednesday Inventory

Crude oil was higher overnight as it consolidates above the 10 day moving average. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.30 are needed to confirm that a short term low has been posted. If January resumes the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.86 is the next downside target.

First resistance is the 20 day moving average crossing at 75.30
Second resistance is last Friday's high crossing at 75.65

First support is the 10 day moving average crossing at 73.44
Second support is last week's low crossing at 70.83

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Natural gas was slightly lower overnight as it consolidates some of Tuesday'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.

Closes below the 20 day moving average crossing at 5.196 would confirm that a short term top has been posted. If January extends this month's rally, the 87% retracement level of the October-December decline crossing at 6.036 is the next upside target.

First resistance is Monday's high crossing at 5.929
Second resistance is the 87% retracement level of the October-December decline crossing at 6.036

First support is the 10 day moving average crossing at 5.541
Second support is the 20 day moving average crossing at 5.196

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The U.S. Dollar was slightly lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought but remain neutral signaling that additional gains are possible near term.

If March extends this month's rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. Closes below the 20 day moving average crossing at 76.64 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at 78.77
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72

First support is the 10 day moving average crossing at 77.66
Second support is the 20 day moving average crossing at 76.64

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