Crude Oil Taking a Fall and Threatens to Take The Markets Along, Here's Your Numbers

Crude oil was lower overnight and is poised to extend last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If March extends last week's decline, December's low crossing at 72.45 is the next downside target. Closes above the 10 day moving average crossing at 77.69 are needed to confirm that a short term low has been posted.

Crude oil pivot point for Tuesday, our line in the sand is 74.91

First resistance is the 10 day moving average crossing at 77.69
Second resistance is the 20 day moving average crossing at 79.69

First support is last Friday's low crossing at 74.01
Second support is December's low crossing at 72.45

Just click here for your FREE trend analysis of the oil ETF USO

Natural gas was lower overnight as it consolidated some of last Friday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If March extends last Friday's rally, the January's high crossing at 6.027 is the next upside target. Closes below the 10 day moving average crossing at 5.604 would temper the near term friendly outlook in the market.

Tuesday's pivot point for natural gas is 5.749

First resistance is last Friday's high crossing at 5.804
Second resistance is December's high crossing at 6.027

First support is the 10 day moving average crossing at 5.604
Second support is the reaction low crossing at 5.327

Just click here for a FREE trend analysis of natural gas ETF UNG

The U.S. Dollar was higher overnight hinting that the correction off last week's high might be ending. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends last week'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 77.84 would confirm that a short term top has been posted.

First resistance is last Thursday's high crossing at 79.00
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 77.87
Second support is the 20 day moving average crossing at 77.84

Just click here for a FREE trend analysis of the U.S. Dollar ETF UUP


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