Crude oil closed higher on Wednesday renewing the rally off February's low. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near term.
If May extends 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 77.53 would confirm that a short term top has been posted.
First resistance is today's high crossing at 81.60
Second resistance is the 87% retracement level of the January-February decline crossing at 83.53
First support is the 20 day moving average crossing at 77.53
Second support is last Thursday's low crossing at 77.44
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Natural gas closed higher due to short covering on Wednesday as it consolidates some of Monday's decline but remains below 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 Thursday.
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 winter's decline, December's low crossing at 4.656 is the next downside target. Closes above the 20 day moving average crossing at 5.171 are needed to confirm that a low has been posted.
First resistance is the 10 day moving average crossing at 4.917
Second resistance is the 20 day moving average crossing at 5.171
First support is Tuesday's low crossing at 4.725
Second support is December's low crossing at 4.656
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The U.S. Dollar closed lower on Wednesday and below the 20 day moving average crossing at 80.43. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
Closes below the reaction low crossing at 79.61 are needed to confirm that a short term top has been posted. 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 today's low crossing at 79.84
Second support is the reaction low crossing at 79.61
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