Crude oil was higher overnight as it extends Tuesday's rally. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. If May renews the rally off February's low, January's high crossing at 85.43 is the next upside target. Closes below Monday's low crossing at 79.41 are needed to confirm that a short term top has been posted. Wednesday's pivot point is 81.04. First resistance is the overnight high crossing at 82.78. Second resistance is last Friday's high crossing at 83.47. First support is Monday's low crossing at 79.41. Second support is the reaction low crossing at 77.44.
Natural gas was slightly lower overnight 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 4.726 would confirm that a short term low has been posted. Wednesday's pivot point is 4.364. First resistance is the 10 day moving average crossing at 4.535. Second resistance is the 20 day moving average crossing at 4.726. First support is Tuesday's low crossing at 4.400. Second support is weekly support crossing at 4.157.
The U.S. Dollar was lower overnight and has broken out below the lower boundary of trading range of the past six weeks, which crosses at 79.92. Stochastics and the RSI are 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 the 10 day moving average crossing at 80.50. Second resistance is the 20 day moving average crossing at 80.71. First support is the overnight low crossing at 79.74. Second support is the 38% retracement level of the November-February rally crossing at 79.17.
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