Crude oil closed higher for the sixth day in a row on Wednesday as it extends the rally off this month's low. Tighter crude oil inventories were the primary factor behind today's strength in the crude oil market. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near term.
If February extends this rally, the reaction high crossing at 80.40 is the next upside target. Closes below the 20 day moving average crossing at 75.40 would confirm that a short term top has been posted.
First resistance is today's high crossing at 79.80
Second resistance is the reaction high crossing 80.40
First support is the 10 day moving average crossing at 76.26
Second support is the 20 day moving average crossing at 75.40
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Natural gas closed lower due to profit taking on Wednesday and below the 10 day moving average crossing at 5.774 signaling that a short term top has likely been posted. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but are neutral signaling that sideways to higher prices are possible near term.
If February extends this month's rally, the 87% retracement level of this fall's decline crossing at 6.077 is the next upside target. Closes below the 20 day moving average crossing at 5.416 would confirm that a short term top has been posted.
First resistance is Tuesday's high crossing at 6.038
Second resistance is the 87% retracement level of this fall's decline crossing at 6.077
First support is today's low crossing at 5.695
Second support is the 20 day moving average crossing at 5.416
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The U.S. Dollar closed higher due to short covering on Wednesday as it consolidated some of the decline off last week's high. Profit taking tempered early session gains and the low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 77.22 are needed confirm that a short term top has been posted. If March renews the current rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target.
First resistance is last Tuesday's high crossing at 78.77
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72
First support is Tuesday's low crossing at 77.67
Second support is the 20 day moving average crossing at 77.22
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