Crude oil was slightly higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
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 75.19 are needed to confirm that a short term low has been posted.
Tuesday's pivot point, our line in the sand is 69.44
First resistance is the 10 day moving average crossing at 72.53
Second resistance is the 20 day moving average crossing at 75.19
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 was higher overnight as it extends last week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If January extends this month's rally, the 62% retracement level of the October-December decline crossing at 5.565 is the next upside target.
Closes below the 20 day moving average crossing at 4.916 would temper the near term bullish outlook in the market.
Natural gas pivot point for Tuesday is 5.311
First resistance is the overnight high crossing at 5.422
Second resistance is the 62% retracement level of the October-December decline crossing at 5.565
First support is the 10 day moving average crossing at 4.976
Second support is the 20 day moving average crossing at 4.916
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The U.S. Dollar was higher overnight as it extends this month's rally and exceeded November's high crossing at 77.27. Stochastics and the RSI are overbought but are neutral signaling that additional gains are possible near term.
If March extends this month's rally, the reaction high crossing at 77.81 is the next upside target. Closes below the 20 day moving average crossing at 75.83 would confirm that a short term top has been posted.
First resistance is the overnight high crossing at 77.33
Second resistance is the reaction high crossing at 77.81
First support is the 10 day moving average crossing at 76.29
Second support is the 20 day moving average crossing at 75.83
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