Crude oil was steady to slightly higher due to short covering overnight as it extends the rebound off last Friday's low. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 75.43 are needed to confirm that a short term low has been posted. If March renews last week's decline, last September's low crossing at 67.46 is the next downside target.
Crude oil pivot point, our line in the sand is 73.07
First resistance is the overnight high crossing at 74.30
Second resistance is the 20 day moving average crossing at 75.43
First support is last Friday's low crossing at 69.50
Second support is last September's low crossing at 67.46
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Natural gas was higher due to short covering overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.
If March extends Tuesday's decline, the reaction low crossing at 5.227 is the next downside target. Closes above the 20 day moving average crossing at 5.456 would temper the near term bearish outlook.
Wednesday's pivot point for natural gas is 5.339
First resistance is the 20 day moving average crossing at 5.456
Second resistance is Monday's high crossing at 5.680
First support is Tuesday's low crossing at 5.330
Second support is the reaction low crossing at 5.227
Just click here for your FREE trend analysis of natural gas ETF UNG
The U.S. Dollar was lower due to profit taking overnight as it consolidates some of last week's rally but remains above the 38% retracement level of the 2009 decline crossing at 79.71. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top is in or is near.
Closes below the 20 day moving average crossing at 78.92 are needed to confirm that a short term top has been posted. If March renews this winter's rally, the 50% retracement level of the 2009-decline crossing at 81.32 is the next upside target.
First resistance is last Friday's high crossing at 80.82
Second resistance is the 50% retracement level of the 2009 decline crossing at 81.32
First support is the 10 day moving average crossing at 79.79
Second support is the 20 day moving average crossing at 78.92
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2 comments:
It's been a little confusing day for me, with contradicting news. At the end made profit, but still looking the why?.......of the movement downwords. I did it for pure Tech analisis, but I am trying to figure out the reason behind it.
Can you recommend me a good newsfeed in decent price that keep up to date with news relate it Oil prices news that will affect Oil prices. I had trade the news, but didn't like it.
Thanks.
My best advice is to sign up for one of our free services. Here just one.... Just click here for your FREE trend analysis of UNG > http://tinyurl.com/msy5qq You don't have to do just UNG once you get there. You can create a complete portfolio and get the free analysis.
Then you will have access to the news feed at our primary INO site which does a pretty good job of posting the major financial news feeds. Once you are a free member you can just click on news tab on the tool bar. Hope this helps.
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