Crude oil closed higher on Tuesday as it extended the rebound off last Friday's low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near term. If January renews the rally off this month's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target. Closes below last Friday's low crossing at 94.99 are needed to confirm that a short term top has been posted. First resistance is the 75% retracement level of the May-October decline crossing at 105.42. Second resistance is the 87% retracement level of the May-October decline crossing at 110.46. First support is last Friday's low crossing at 94.99. Second support is the reaction low crossing at 89.05.
Natural gas posted an inside day with a higher close on Tuesday as it consolidated some of Monday's loss. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 3.682 are needed to confirm that a short term low has been posted. If January renews this year's decline, monthly support crossing at 3.225 is the next downside target. First resistance is the 20 day moving average crossing at 3.682. Second resistance is the 25% retracement level of the June-November decline crossing at 3.936. First support is last week's low crossing at 3.461. Second support is monthly support crossing at 3.225.
Gold posted a quiet inside day with a higher close on Tuesday as it consolidated some of this month's decline but remains below the 20 day moving average crossing at 1743.10. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If December extends this month's decline, the reaction low crossing at 1604.70 is the next downside target. Closes above the 20 day moving average crossing at 1743.10 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1719.30. Second resistance is the 20 day moving average crossing at 1743.10. First support is last week's low crossing at 1667.10. Second support is the reaction low crossing at 1604.70.
Is This December Similar to 2007 & 2008 for Gold & Stocks?
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