Crude Oil Closes Lower as it Extends Last Week's Decline

Crude oil closed lower on Tuesday as it extends last week's decline. The low range close sets the stage for a steady to lower opening on Wednesday.

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 76.08
Second resistance is the 20 day moving average crossing at 77.37

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

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Natural gas closed higher on Tuesday as it extended Monday's rally above the 20 day moving average. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If January extends this week'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 5.152
Second resistance is the reaction high crossing at 5.290

First support is the 20-day moving average crossing at 4.827
Second support is last Thursday's low crossing at 4.432

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The March Dollar closed higher on Tuesday as it extended last Friday's rally but remains above the 20 day moving average. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If March extends its current rally, November's high crossing at 77.27 is the next upside target. Closes below the 10 day moving average crossing at 75.43 would temper the near term friendly outlook in the Dollar.

First resistance is today's high crossing at 76.61
Second resistance is November's high crossing at 77.27

First support is the 20 day moving average crossing at 75.55
Second support is the 10 day moving average crossing at 75.43

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