Crude Oil Bulls Maintain Their Near Term Advantage

Crude oil was higher due to short covering overnight as it consolidates some of Wednesday's decline. 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 78.22 are needed to confirm that a short term low has been posted. If January renews the decline off October's high, the 75% retracement level of this fall's rally crossing at 70.23 is the next downside target.

Thursday's pivot point, our line in the sand is 77.14

First resistance is the 20 day moving average crossing at 78.22
Second resistance is the reaction high crossing at 80.88

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 higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If January extends this week's decline, weekly support crossing at 4.157 is the next downside target. Closes above the 20 day moving average crossing at 4.853 would temper the near term bearish outlook in the market.

Nat gas pivot point for Thursday is 4.611

First resistance is the 10 day moving average crossing at 4.807
Second resistance is the 20 day moving average crossing at 4.853

First support is Wednesday's low crossing at 4.511
Second support is weekly support crossing at 4.157

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The U.S. Dollar was lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If March 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 75.45 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 75.22
Second resistance is the 20 day moving average crossing at 75.45

First support is last week's low crossing at 74.55
Second support is monthly support crossing at 73.39

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