Crude Oil Trades Lower Overnight, Bulls Maintain The Advantage

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off this month's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If March extends this month's rally, the reaction high crossing at 78.04 is the next upside target. Closes below the 10 day moving average crossing at 74.49 would confirm that a short term top has been posted.

Thursday's pivot point, our line in the sand is 77.23

First resistance is Wednesday's high crossing at 77.82
Second resistance is the reaction high crossing at 78.04

First support is the 20 day moving average crossing at 74.71
Second support is the 10 day moving average crossing at 74.49

Today’s Stock Market Club Trading Triangles

Natural gas was lower overnight as it extends this month's choppy sideways trading pattern. Stochastics and the RSI are neutral signaling that sideways trading is possible near term.

Closes above the reaction high crossing at 5.680 or below 5.060 are needed to confirm a breakout of this month's trading range and point the direction of the next trending move.

Natural gas pivot point for Thursday is 5.358

First resistance is last Friday's high crossing at 5.556
Second resistance is the reaction high crossing at 5.680

First support is last Friday's low crossing at 5.204
Second support is the reaction low crossing at 5.060

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The U.S. Dollar was higher overnight as it consolidates above the 38% retracement level of the 2009 decline crossing at 79.71. Stochastics and the RSI are diverging but are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 79.71 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 50% retracement level of the 2009 decline crossing at 81.32 is the next upside target.

First resistance is last Friday's high crossing at 80.83
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 80.30
Second support is the 20 day moving average crossing at 79.71

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