Crude Oil Higher Overnight, Today's Close Becomes Critical for the Bull's

Crude oil was higher due to short covering overnight as it consolidates some of this week'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 76.11 are needed to confirm that a short term low has been posted.

Friday's pivot point, our line in the sand is 70.58

First resistance is the 10 day moving average crossing at 74.28
Second resistance is the 20 day moving average crossing at 76.11

First support is Thursday'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 was lower due to profit taking overnight as it consolidates some of this week's rally. 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 the October-December decline crossing at 5.565 is the next upside target. Closes below the 20 day moving average crossing at 4.873 would temper the near term bullish outlook in the market.

Natural gas pivot for Friday is 5.161

First resistance is Thursday's high crossing at 5.347
Second resistance is the 62% retracement level of the October-December decline crossing at 5.565

First support is the 20 day moving average crossing at 4.873
Second support is this month's low crossing at 4.432

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The U.S. Dollar was lower due to profit taking overnight as it consolidates some of Tuesday's rally. Stochastics and the RSI are overbought and are turning neutral hinting that a short term top might be in or is near.

If March extends this week's rally, November's high crossing at 77.27 is the next upside target. Closes below the 20 day moving average crossing at 75.64 would temper the near term bullish outlook in the market.

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 75.83
Second support is the 20 day moving average crossing at 75.64


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