Crude Oil Stochastics-RSI Turn bullish, Is a Bottom in for Oil?

Crude oil was slightly higher overnight as it extends this week's short covering rally. Stochastics and the RSI have turned bullish hinting that a low might be in or is near.

Closes above the 20 day moving average crossing at 76.24 are needed to confirm that a short term low has been posted. If August resumes last week's decline, the reaction low crossing at 70.93 is the next downside target.

First resistance is Thursday's high crossing at 76.00
Second resistance is the 20 day moving average crossing at 76.24

Friday's pivot point for crude oil is 75.27

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

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Natural gas was lower overnight as it extends this week's decline. Stochastics and the RSI are becoming 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 4.807 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 4.637
Second resistance is the 20 day moving average crossing at 4.807

Natural gas pivot point for Friday is 4.458

First support is Thursday's low crossing at 4.355
Second support is the reaction low crossing at 4.285

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