Crude Oil Market Commentary For Thursday Evening

Crude oil closed higher on Thursday and tested the 20 day moving average crossing at 75.21. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are 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 today'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 due to short covering on Thursday as it consolidates some of this week's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bearish hinting that sideways to lower prices are possible near term.

Closes below last Thursday's low crossing at 5.227 are needed to confirm that a short term top has been posted. If March renews the rally off January's low, the reaction high crossing at 5.804 is the next upside target.

First resistance is the 20 day moving average crossing at 5.438
Second resistance is Monday's high crossing at 5.680

First support is last Thursday's low crossing at 5.227
Second support is January's low crossing at 5.060

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The U.S. Dollar closed slightly lower on Thursday while consolidating above initial support marked by the 10 day moving average crossing at 79.92. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 79.09 are needed to confirm that a short term top has been posted. If March resumes this winter's rally, the 50% retracement level of the 2009-2010 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 2009-2010 decline crossing at 81.32

First support is the 10 day moving average crossing at 79.92
Second support is the 20 day moving average crossing at 79.09


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