Crude oil was higher due to short covering overnight as it consolidates some of Thursday's decline. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that sideways to lower prices are possible near term.
If March extends this week's decline, the 75% retracement level of the September-January rally crossing at 71.70 is the next downside target. Closes above the 20 day moving average crossing at 76.94 are needed to confirm that a short term low has been posted.
Crude oil pivot point, our line in the sand is 74.24
First resistance is the 10 day moving average crossing at 74.53
Second resistance is the 20 day moving average crossing at 76.94
First support is Thursday's low crossing at 72.42
Second support is the 75% retracement level of the September-January rally crossing at 71.70
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Natural gas was higher due to short covering overnight as it consolidates above the 10 day moving average crossing at 5.378. Stochastics and the RSI remain neutral to bullish signaling that additional strength is possible near term.
Closes above the 20 day moving average crossing at 5.487 are needed to confirm that a short term low has been posted. If March renews the decline off January's high, the 75% retracement level of the December-January rally crossing at 4.919 is the next downside target.
Friday's pivot point for natural gas is 5.381
First resistance is the 20 day moving average crossing at 5.487
Second resistance is Wednesday's high crossing at 5.558
First support is last Thursday's low crossing at 5.060
Second support is the 75% retracement level of the December-January rally crossing at 4.919
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The U.S. Dollar was higher overnight as it extends this week's rally above the 38% retracement level of the 2009 decline crossing at 79.71. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.
If March extends this winter's rally, the 50% retracement level of the 2009 decline crossing at 81.32 is the next upside target. Closes below the 20 day moving average crossing at 78.45 would confirm that a short term top has been posted.
First resistance is the overnight high crossing at 80.59
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 79.31
econd support is the 20 day moving average crossing at 78.45
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