Crude oil closed higher due to short covering on Friday as it consolidates some of Thursday's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top is in or is near.
Closes below the 20 day moving average crossing at 77.06 would confirm that a short term top has been posted. If May resumes this month's rally, the 75% retracement level of the January-February decline crossing at 81.63 is the next upside target.
First resistance is Monday's high crossing at 81.15
Second resistance is the 75% retracement level of the January-February decline crossing at 81.63
First support is Thursday's low crossing at 77.44
Second support is the 20 day moving average crossing at 77.06
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Natural gas closed higher due to short covering on Friday as it consolidates above the 87% retracement level of the December-January rally crossing at 4.819. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If May extends this week's decline, December's low crossing at 4.656 is the next downside target. Closes above the 20 day moving average crossing at 5.257 are needed to confirm that a low has been posted.
First resistance is the 10 day moving average crossing at 5.110
Second resistance is the 20 day moving average crossing at 5.257
First support is today's low crossing at 4.803
Second support is December's low crossing at 4.656
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The U.S. Dollar closed lower on Friday as it consolidates below the 50% retracement level of the 2009 decline crossing at 81.32. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 80.27 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target.
First resistance is last Friday's high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92
First support is the 20 day moving average crossing at 80.27
Second support is Tuesday's low crossing at 80.15
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