Crude Oil Bulls Cling to Overbought Conditions, Here's Monday's Numbers

Crude oil opened higher this morning and traded higher overnight as it extends this month's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends this month's rally, the 75% retracement level of the January-February decline crossing at 80.72 is the next upside target. Closes below the 20 day moving average crossing at 75.29 would confirm that a short term top has been posted.

Monday's pivot point, our line in the sand is 79.50

First resistance is the overnight high crossing at 80.51
Second resistance is the 75% retracement level of the January-February decline crossing at 80.72

First support is the 10 day moving average crossing at 76.27
Second support is the 20 day moving average crossing at 75.29

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

Natural gas gapped down and was lower overnight as it extends last Friday's decline below the lower boundary of this winter's trading range crossing at 5.060. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If March extends the overnight decline, the 87% retracement level of the December-January rally crossing at 4.734 is the next downside target. Closes above the 20 day moving average crossing at 5.324 would confirm that a short term low has been posted.

Natural gas pivot point for Monday is 5.073

First resistance is broken trading range support crossing at 5.060
Second resistance is the 10 day moving average crossing at 5.267

First support is the overnight low crossing at 4.911
Second support is the 87% retracement level of the December-January rally crossing at 4.734

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 below the 50% retracement level of the 2009 decline crossing at 81.32. Stochastics and the RSI are diverging but are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 79.93 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target.

First resistance is last Friday's high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92

First support is the 10 day moving average crossing at 80.31
Second support is the 20-day moving average crossing at 79.93

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



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