Crude oil was lower overnight as it consolidates some of the rally off last week's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If March extends this week's rally, the 50% retracement level of January's decline crossing at 78.43 is the next upside targets. Closes below the 10 day moving average crossing at 74.96 would temper the near term friendly outlook.
Thursday's pivot point, our line in the sand is 77.18
First resistance is Wednesday's high crossing at 78.04
Second resistance is the 50% retracement level of January's decline crossing at 78.43
First support is the 10 day moving average crossing at 74.96
Second support is last Friday's low crossing at 72.43
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Natural gas was lower overnight as it consolidates some of the rebound off last week's low. Stochastics and the RSI remain bullish signaling that additional strength is possible near term.
Closes above the 20 day moving average crossing at 5.500 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.
Natural gas pivot point for Thursday is 5.446
First resistance is the 20 day moving average crossing at 5.500
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 and is trading 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 78.31 would confirm that a short term top has been posted.
First resistance is the overnight high crossing at 79.89
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 79.09
Second support is the 20 day moving average crossing at 78.31
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2 comments:
I agree with you on the resistance point, it's around 78 dollars. Even when I do my charting it shows a in my charting that in a long term (maybe March)or late Feb it will breakout......I am particular waiting for an increase in Volume and to break 78 dollars. In the year chart you could very clearly see a double top coming if it breaks I see it in mid 80's and flirting with 90.
I will try to post my chart here if you allow me to. Maybe we could discuss it.
Thanks.
Sure Miguel, feel free to post your charts. My readers love it when other readers give their take.
Todays trading sure proved to be quite a ride. I still see us trading 90.24 in 2010 but not until we trade the cluster support at 58.32.
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