Crude Oil Rallies Into Tuesday's Open

Crude oil was higher overnight as it consolidates some of last Friday's decline. Stochastics and the RSI are bullish signaling that a short term low might be in or is near. Closes above the 20 day moving average crossing at 78.60 are needed to confirm that a short term low has been posted.

If January renews the decline off October's high, the 75% retracement level of this fall's rally crossing at 70.23 is the next downside target.

Tuesday's pivot point, our line in the sand is 76.80

First resistance is the overnight high crossing at 78.44
Second resistance is the 20 day moving average crossing at 78.60

First support is last Friday's 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 was lower overnight as it extends Monday's decline. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term.

If January extends this week's decline, November's low crossing at 4.560 is the next downside target. If January renews the rally off November's low, the 50% retracement level of the October-November decline crossing at 5.413 is the next upside target.

Natural gas pivot point for Tuesday is 4.953

First resistance is last Friday's high crossing at 5.290
Second resistance is the 50% retracement level of the October-November decline crossing at 5.413

First support is the overnight low crossing at 4.746
Second support is November's low crossing at 4.560

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The U.S. Dollar was lower overnight as it consolidates below the 10 day moving average crossing at 75.11. Stochastics and the RSI remain neutral to bullish hinting that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.25 would temper the near term bearish outlook in the market. If December extends this year's decline, monthly support crossing at 73.39 is the next downside target.

First resistance is the overnight high crossing at 75.16
Second resistance is the 20 day moving average crossing at 75.25

First support is last week's low crossing at 74.21
Second support is monthly support crossing at 73.39

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