Crude oil was higher overnight as it extends last week's rally above the 10 day moving average. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 74.08 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 68.16 is the next downside target.
First resistance is the 20 day moving average crossing at 74.08
Second resistance is last Friday's high crossing at 74.29
First support is the 10 day moving average crossing at 71.60
Second support is last week's low crossing at 68.59
Get 4 FREE Trading Videos from INO TV!
Natural gas was higher overnight and is extending this month's rally above the 75% retracement level of the October-December decline crossing at 5.807. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
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. Closes below the 20 day moving average crossing at 5.116 would temper the near term bullish outlook in the market.
First resistance is last Friday's high crossing at 5.926
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 5.425
Second support is the 20 day moving average crossing at 5.116
Just click here for your FREE trend analysis of UNG
Share
No comments:
Post a Comment