Crude Oil Closes Lower, Bears Eye Critical Support Lines

Crude oil closed lower on Thursday as it extended the decline off October's high and spiked below the 75% retracement level of this fall's rally crossing at 70.23. The mid range close sets the stage for a steady to lower opening on Friday.

If January extends the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.16 is the next downside target. Closes above the 20 day moving average crossing at 76.45 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 74.79
Second resistance is the 20 day moving average crossing at 76.45

First support is today's low crossing at 69.81
Second support is the 87% retracement level of this fall's rally crossing at 68.16

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Natural gas posted a key reversal up on Thursday as it extended this week's rally and spiked above the late November high crossing at 5.590. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If January extends this week's rally, the 62% retracement level of this fall's decline crossing at 5.565 is the next upside target. Closes below the 20 day moving average crossing at 4.848 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 5.347
Second resistance is the 62% retracement level at 5.565

First support is the 10 day moving average crossing at 4.865
Second support is the 20 day moving average crossing at 4.848

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The U.S. Dollar closed lower due to profit taking on Thursday as it consolidates some of this week's rally. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but 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 20 day moving average crossing at 75.62 would temper the near term friendly outlook in the Dollar.

First resistance is Wednesday's high crossing at 76.66
Second resistance is November's high crossing at 77.27

First support is the 10 day moving average crossing at 75.74
Second support is the 20 day moving average crossing at 75.62


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