Crude Oil and Natural Gas Market Commentary For Monday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of last week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 76.27 are needed to confirm that a short term low has been posted. If August resumes the decline off June's high, the reaction low crossing at 70.93 is the next downside target.

First resistance is the 20 day moving average crossing at 76.27
Second resistance is the reaction high crossing at 79.38

Crude oil's pivot point for Monday is 75.86

First support is last Tuesday's low crossing at 71.09
Second support is the reaction low crossing at 70.93

Here is a preview of our MarketClub Trade Triangle Chart Analysis and Smart Scan technology

Natural gas was lower overnight and is poised to extend last week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off June's high, the reaction low crossing at 4.285 is the next downside target. Closes above the 20 day moving average crossing at 4.786 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 4.588
Second resistance is the 20 day moving average crossing at 4.786

Natural gas pivot point for Monday is 4.399

First support is last Friday's low crossing at 4.339
Second support is the reaction low crossing at 4.285

New Video: How To Use Fibonacci Retracements

Share