Crude oil closed higher due to short covering on Wednesday and above the 10 day moving average crossing at 72.24 thereby signaling that a short term low has likely been posted. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning bullish with this week's rally signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 74.89 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 today's high crossing at 73.55
Second resistance is the 20 day moving average crossing at 74.89
First support is Monday's low crossing at 68.59
Second support is the 87% retracement level of this fall's rally crossing at 68.16
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Natural gas closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If January extends this month's rally, the 75% retracement level of this fall's decline crossing at 5.807 is the next upside target. Closes below the 20 day moving average crossing at 4.949 would temper the near term friendly outlook in the market.
First resistance is today's high crossing at 5.569
Second resistance is the 75% retracement level of this fall's decline crossing at 5.807
First support is the 10 day moving average crossing at 5.080
Second support is the 20 day moving average crossing at 4.949
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The U.S. Dollar closed slightly higher on Wednesday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If March extends its current rally, the reaction high crossing at 77.82 is the next upside target. Closes below the 20 day moving average crossing at 75.91 would temper the near term friendly outlook in the Dollar.
First resistance is Monday's high crossing at 77.57
Second resistance is the reaction high crossing at 77.82
First support is the 10 day moving average crossing at 76.52
Second support is the 20 day moving average crossing at 75.91
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