Crude oil was higher overnight as it extends this month's rally. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.
If July extends the rally off May's low, the 62% retracement level of May's decline crossing at 81.13 is the next upside target. Closes below the 20 day moving average crossing at 73.98 are needed to confirm that a short term top has been posted.
First resistance is the overnight high crossing at 78.87
Second resistance is the 62% retracement level of May's decline crossing at 81.13
Crude oil pivot point for Monday is 76.73
First support is the 10 day moving average crossing at 75.76
Second support is the 20 day moving average crossing at 73.98
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Natural gas was higher overnight as it consolidates below the 50% retracement level of the November-May decline crossing at 5.151. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.
If July extends this month's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target. Closes below the 20 day moving average crossing at 4.670 would confirm that a short term top has been posted.
First resistance is last Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429
Natural gas pivot point for Monday morning is 5.058
First support is the 10 day moving average crossing at 4.933
Second support is the 20 day moving average crossing at 4.670
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