Is a Short Term Low In For Crude Oil? Here's the Numbers

Crude oil was higher overnight due to short covering as it consolidates some of last week's decline. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 10 day moving average crossing at 74.82 would confirm that a short term low has been posted. If March extends this year's decline, the 75% retracement level of the September-January rally crossing at 71.70 is the next downside target.

Crude oil's pivot point for Tuesday, our line in the sand is 73.95

First resistance is the overnight high crossing at 75.44
Second resistance is the 20 day moving average crossing at 78.13

First support is last Friday's low crossing at 72.43
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 extends the rebound off last week's low crossing at 5.060. Stochastics and the RSI are oversold and are turning bullish signaling that additional short covering gains are possible near term.

Closes above the 20 day moving average crossing at 5.535 are needed to confirm that a short term low has been posted. If March extends the decline off January's high, the 75% retracement level of the December-January rally crossing at 4.919 is the next downside target.

Tuesday's pivot point for natural gas is 5.373

First resistance is overnight high crossing at 5.491
Second resistance is the 20 day moving average crossing at 5.535

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

Just click here for your FREE trend analysis of natural gas ETF UNG

The U.S. Dollar was lower due to profit taking overnight as it consolidates below resistance marked by the 38% retracement level of the 2009 decline crossing at 79.71. Stochastics and the RSI are overbought but remain 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 78.13 would confirm that a short term top has been posted.

First resistance is Monday's high crossing at 79.76
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 78.88
Second support is the 20 day moving average crossing at 78.13

Just click here for your FREE trend analysis of the U.S. Dollar ETF UUP

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