Crude Oil Continues Slide in Friday's Session, Here's Todays Numbers

Crude oil was lower overnight and is trading below the 20 day moving average crossing at 79.03 as it extends this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 78.03 would open the door for a larger degree decline during January.

Friday's pivot point, our line in the sand 79.56

First resistance is the 10 day moving average crossing at 81.31
Second resistance is Monday's high crossing at 83.95

First support is Wednesday's low crossing at 78.37
Second support is the 50% retracement level of the December-January rally crossing at 77.41

Get 10 Trading Lessons FREE

Natural gas was slightly lower overnight as it extends Thursday's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If February renews this month's decline, the 50% retracement level of the December-January rally crossing at 5.314 is the next downside target. Closes above the 20 day moving average crossing at 5.739 would temper the near term bearish outlook in the market.

Natural gas pivot point for Friday is 5.625

First resistance is the 20 day moving average crossing at 5.739
Second resistance is Wednesday's high crossing at 5.785

First support is Tuesday's low crossing at 5.354
Second support is the 50% retracement level of the December-January rally crossing at 5.314

Get 4 FREE Trading Videos from INO TV!

The U.S. Dollar was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold and are turning neutral hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 77.85 are needed to confirm that a short term low has been posted. If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target.

First resistance is the 10 day moving average crossing at 77.46
Second resistance is the 20 day moving average crossing at 77.85

First support is Wednesday's low crossing at 76.74
Second support is the 50% retracement level of the November-December rally crossing at 76.66

Crude Oil Trader News Reader Subscription Link

Share