Crude oil was lower due to profit taking overnight as it consolidates some of the rally off December's low. Milder weather moving across much of the upper United States this week is easing concerns over energy demand, which helped to pressure prices overnight.
Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 10 day moving average crossing at 81.37 would signal that a short term top has been posted. If February extends this rally, the 38% retracement level of the 2008 decline crossing at 84.82 is the next upside target.
Tuesday's pivot point, our line in the sand is 82.81
First resistance is Monday's high crossing at 83.95
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 81.37
Second support is the 20 day moving average crossing at 78.13
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Natural gas was lower overnight as it extends Monday's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If February extends this week'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 5.712 would temper the near term bearish outlook in the market.
Natural gas pivot point for Tuesday is 5.483
First resistance is the 10 day moving average crossing at 5.707
Second resistance is the 20 day moving average crossing at 5.712
First support is Monday's low crossing at 5.371
Second support is the 50% retracement level of the December-January rally crossing at 5.314
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The U.S. Dollar was higher due to short covering overnight as it consolidated some of Monday's decline. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term.
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. Closes above last Friday's high crossing at 78.43 are needed to confirm that a short term low has been posted.
First resistance is the 20 day moving average crossing at 77.87
Second resistance is last Friday's high crossing at 78.43
First support is Monday's low crossing at 76.95
Second support is the 50% retracement level of the November-December rally crossing at 76.66
Just click here for your FREE trend analysis of UUP
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