Crude Oil Pivot, Support and Resistance Numbers For Thursday Morning

Crude oil was higher overnight due to short covering and is trading above the 87% retracement level of the December-January rally crossing at 73.95. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If March extends this month's decline, December's low crossing at 72.45 is the next downside target. Closes above the 10 day moving average crossing at 76.36 are needed to confirm that a short term low has been posted.

Thursdays pivot point for crude oil is 73.80

First resistance is the 10 day moving average crossing at 76.36
Second resistance is the 20 day moving average crossing at 79.13

First support is Wednesday's low crossing at 72.65
Second support is December's low crossing at 72.45

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Natural gas was lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If March extends this week's decline, the 75% retracement level of the December-January rally crossing at 4.919 is the next downside target.

Closes above the 20 day moving average crossing at 5.591 would confirm that a short-term low has been posted.

Natural gas pivot point for Thursday is 5.282

First resistance is broken trading range support crossing at 5.327
Second resistance is the 10 day moving average crossing at 5.507

First support is the overnight low crossing at 5.130
Second support is the 75% retracement level of the December-January rally crossing at 4.919

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The U.S. Dollar was slightly higher overnight as it extends this week's rally. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends this month's rally, the 38% retracement level of the 2009 decline crossing at 79.71 is the next upside target. Closes below the 20 day moving average crossing at 77.90 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 79.26
Second resistance is the 38% retracement level of the 2009 decline crossing at 79.71

First support is the 10 day moving average crossing at 78.26
Second support is the 20 day moving average crossing at 77.90

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