Crude oil was slightly lower due to light profit taking overnight as it consolidates some of the rally off December's low. 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 reaction high crossing at 82.28 is the next upside target. Closes below the 20 day moving average crossing at 76.14 are needed to confirm that a short term top has been posted.
Wednesday's pivot point, our line in the sand is 81.57
First resistance is Tuesday's high crossing at 82.00
Second resistance is the reaction high crossing at 82.28
First support is the 10 day moving average crossing at 79.02
Second support is the 20 day moving average crossing at 76.14
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Natural gas was higher due to short covering overnight but remains below broken support marked by the 10 day moving average, which crosses at 5.772. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
Closes below the 20 day moving average crossing at 5.613 are needed to confirm that a short term top has been posted. If February resumes December's rally, the 87% retracement level of the October-December decline crossing at 6.077 is the next upside target.
Natural gas pivot point for Wednesday is 5.703
First resistance is last Tuesday's high crossing at 6.038
Second resistance is the 87% retracement level of the October-December decline crossing at 6.077
First support is the 20 day moving average crossing at 5.613
Second support is last Thursday's low crossing at 5.505
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The U.S. Dollar was higher due to short covering overnight but remains below initial support marked by the 10 day moving average crossing at 78.13. Stochastics and the RSI are bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 77.69 are needed to confirm that a short term top has been posted. If March renews last month's rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target.
First resistance is the 10 day moving average crossing at 78.13
Second resistance is the reaction high crossing at 78.77
First support is the 20 day moving average crossing at 77.69
Second support is Tuesday's low crossing at 77.39
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2 comments:
For nat gas, since we are now above 5772, does that mean it would now become support, or just the levels listed (5613 and 5505)? Any help appreciated.
From an earlier post.....Intraday bias in natural gas is still neutral as consolidation from 6.035 continues. Some more sideway trading could be seen but after all, we'd expect 5.29 resistance turned supprot, which is close to 38.2% retracement of 4.157 to 6.035 at 5.319, to hold and bring rally resumption. Break of 6.035 will target 38.2% retracement of 13.694 to 2.409 at 6.72 next.
In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005 and might have completed at 2.409 already. Rise from 2.409 is still in progress and should target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. On the downside, break of 4.157 support is needed to indicate that medium term rise from 2.409 has completed. Otherwise, outlook is neutral at worst even in case of deep pullback....
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