Closes below the 20 day moving average crossing at 75.97 are needed to confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of May's decline crossing at 82.67 is the next upside target.
First resistance is Monday's high crossing at 79.94
Second resistance is the 62% retracement level of May's decline crossing at 82.67
Thursday's pivot for crude oil is 76.45
First support is the 20 day moving average crossing at 75.97
Second support is Wednesday's low crossing at 75.17
Just click here for your FREE trend analysis of crude oil ETF USO
Natural gas was slightly lower overnight as it consolidates below the 10 day moving average crossing at 4.933. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
Closes below Tuesday's low crossing at 4.756 would confirm that a short term top has been posted while opening the door for a larger degree decline near term. Closes above the 10 day moving average crossing at 4.933 would temper the near term bearish outlook in the market.
First resistance is the 10 day moving average crossing at 4.932
Second resistance is last Wednesday's high crossing at 5.196
Natural gas pivot point for Thursday is 4.809
First support is the 20 day moving average crossing at 4.758
Second support is Tuesday's low crossing at 4.756
Just click here for your FREE trend analysis of natural gas ETF UNG
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