Crude Oil Bulls Maintain a Near Term Advantage, Here's Friday's Numbers

Crude oil was higher overnight as it consolidates some of Thursday's decline. Stochastics and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near term.

If May resumes the rally off February's low, the 75% retracement level of the January-February decline crossing at 81.63 is the next upside target. Closes below the 20 day moving average crossing at 78.17 would confirm that a short term top has been posted.

Friday's pivot point, our line in the sand is 80.33

First resistance is Wednesday's high crossing at 81.60
Second resistance is the 75% retracement level of the January-February decline crossing at 81.63

First support is the 10 day moving average crossing at 80.10
Second support is the 20 day moving average crossing at 78.17

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Natural gas was steady to lower overnight and posted a new contract low. 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 5.090 would confirm that a short term low has been posted.

Natural gas pivot point for Friday is 4.639

First resistance is the 10 day moving average crossing at 4.811
Second resistance is the 20 day moving average crossing at 5.090

First support is the overnight low crossing at 4.612
Second support is weekly support crossing at 4.157

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The U.S. Dollar was slightly lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Closes below the reaction low crossing at 79.61 would open the door for a larger degree decline during March. If March renews this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target.

First resistance is the reaction high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92

First support is Wednesday's low crossing at 79.84
Second support is the reaction low crossing at 79.61


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