Crude oil closed higher on Friday as it extends the rally off this month's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are becoming overbought but remain 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 75.02 would confirm that a short term top has been posted. First resistance is today's high crossing at 79.95. 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 75.40. Second support is the 20 day moving average crossing at 75.02.
Natural gas closed lower on Friday and below the lower boundary of this month's trading range, which crosses at 5.060. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. If March extends today's decline, the 75% retracement level of the December-January rally crossing at 4.919 is the next downside target. Closes above the 20 day moving average crossing at 5.366 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 5.327. Second resistance is the 20 day moving average crossing at 5.366. First support is today's low crossing at 5.008. Second support is the 75% retracement level of the December-January rally crossing at 4.919.
The U.S. Dollar posted a downside reversal due to profit taking on Friday after spiking above the 50% retracement level of the 2009 decline crossing at 81.32. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target. Closes below the 20 day moving average crossing at 79.82 are needed to confirm that a short term top has been posted. First resistance is today'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 80.29. Second support is the 20 day moving average crossing at 79.82.
How Will You Handle The "Super Cycle" in Gold?
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