Natural gas closed slightly lower on Tuesday but remains above support marked by July's low crossing at 4.290. The mid range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off last week's high, May's low crossing at 4.140 is the next downside target. Closes above the 10 day moving average crossing at 4.622 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 4.583. Second resistance is the 10 day moving average crossing at 4.622. First support is Monday's low crossing at 4.313. Second support is May's low crossing at 4.140.
The S&P 500 index closed lower due to profit taking on Tuesday while extending last week's trading range. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, June's high crossing at 1129.20 is the next upside target. Closes below the 20 day moving average crossing at 1100.59 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 1127.50. Second resistance is June's high crossing at 1129.20. First support is the 20 day moving average crossing at 1100.59. Second support is the reaction low crossing at 1083.60.
The U.S. Dollar closed higher due to short covering on Tuesday as it consolidated some of last Friday's decline. A late day sell off tempered early gains and the low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 81.99 are needed to confirm that a short term low has been posted. If September extends the decline off June's high, the 75% retracement level of the November-June rally crossing at 78.60 is the next downside target. First resistance is today's high crossing at 81.65. Second resistance is the 20 day moving average crossing at 81.99. First support is last Friday's low crossing at 80.17. Second support is the 75% retracement level of the November-June rally crossing at 78.60.
The U.S. Dollar closed higher due to short covering on Tuesday as it consolidated some of last Friday's decline. A late day sell off tempered early gains and the low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 81.99 are needed to confirm that a short term low has been posted. If September extends the decline off June's high, the 75% retracement level of the November-June rally crossing at 78.60 is the next downside target. First resistance is today's high crossing at 81.65. Second resistance is the 20 day moving average crossing at 81.99. First support is last Friday's low crossing at 80.17. Second support is the 75% retracement level of the November-June rally crossing at 78.60.
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2 comments:
With the break in today's market, where do you see crude prices going in the next 2 to 3 weeks?
Honestly, there is no reason for oil to be above $80......make that 58.32. ;-]
Until this market pushes above $90, $33.20 is still on the table.
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