Crude Oil Bulls Take a Small Advantage Into The Weekend

Crude oil closed lower due to profit taking on Friday as it consolidated some of the rally off last week's low. The mid range close sets the stage for a steady opening on Tuesday.

Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If March extends the rally off last week's low, the reaction high crossing at 78.04 is the next upside target.

First resistance is Thursday's high crossing at 75.69.
Second resistance is the reaction high crossing at 78.04.

First support is last Friday's low crossing at 69.50.
Second support is September's low crossing at 67.46.

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Natural gas closed higher on Friday as it extended this month's trading range. The high range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term. Closes above the reaction high crossing at 5.680 or below 5.060 are needed to confirm a breakout of the aforementioned trading range.

First resistance is today's high crossing at 5.556
Second resistance is Monday's high crossing at 5.680

First support is today's low crossing at 5.204
Second support is January's low crossing at 5.060

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The U.S. Dollar closed higher on Friday as it consolidates above the 38% retracement level of the 2009-2010 decline crossing at 79.71. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are diverging but are turning neutral signaling that sideways to higher prices are possible near term.

If March extends this winter's rally, the 50% retracement level of the 2009-2010 decline crossing at 81.32 is the next upside target. Closes below the 20 day moving average crossing at 79.24 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 80.83
Second resistance is the 50% retracement level of the 2009-2010 decline crossing at 81.32

First support is the 10 day moving average crossing at 79.99
Second support is the 20 day moving average crossing at 79.24


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