Crude oil closed sharply higher on Wednesday and spiked above October's high crossing at 83.19. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If February extends this rally, the 38% retracement level of the 2008 decline crossing at 84.82 is the next upside target. Closes below the 10 day moving average crossing at 79.18 would signal that a short term top has been posted. First resistance is today's high crossing at 83.52. Second resistance is the 38% retracement level of the 2008 decline crossing at 84.82. First support is the 10 day moving average crossing at 79.18. Second support is the 20 day moving average crossing at 76.22.
Natural gas closed sharply higher on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near term. If February resumes the rally off December's low, 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 5.626 are needed to confirm that a short term top has been posted. First resistance is last 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 the 10 day moving average crossing at 5.798. Second support is the 20 day moving average crossing at 5.626.
The U.S. Dollar closed lower on Wednesday and below the 20 day moving average crossing at 77.68. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at 77.39 are needed confirm that a short-term top has been posted. If March renews the rally off November's low, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. First resistance is the reaction high crossing at 78.77. Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72. First support is today's low crossing at 77.59. Second support is Tuesday's low crossing at 77.39.
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