Crude Oil Bulls Face Overbought Conditions, Here's Mondays Numbers

Crude oil was higher overnight as it extends the rally off February's low. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends the rally off February's low, the 87% retracement level of the January-February decline crossing at 83.53 is the next upside target. Closes below the 20 day moving average crossing at 78.72 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 82.82
Second resistance is the 87% retracement level of the January February decline crossing at 83.53

First support is the 10 day moving average crossing at 80.33
Second support is the 20 day moving average crossing at 78.72

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Natural gas was lower overnight and posted a new contract low as it extends this winter's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If May extends the decline off January's high, weekly support crossing at 4.157 is the next downside target. Closes above the 20 day moving average crossing at 5.046 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 4.772
Second resistance is the 20 day moving average crossing at 5.046

First support is the overnight low crossing at 4.550
Second support is weekly support crossing at 4.157

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The U.S. Dollar was slightly lower overnight as it extends last Friday's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 would open the door for a larger degree decline during March.

If June renews this winter's rally, the 50% retracement level of the 2009 decline on the weekly continuation chart crossing at 81.97 is the next upside target.

First resistance is February's high crossing at 81.70
Second resistance is the 50% retracement level of the 2009 decline on the weekly continuation chart crossing at 81.97

First support is last Wednesday's low crossing at 80.14
Second support is the reaction low crossing at 79.92

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