March crude oil closed higher on Wednesday following Tuesday's key reversal up and after reports of U.S. crude stockpiles increasing less than forecast. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 101.39 are needed to confirm that a short term low has been posted. If March renews January's decline, December's low crossing at 92.95 is the next downside target. First resistance is the reaction high crossing at 101.39. Second resistance is the reaction high crossing at 102.24. First support is last Thursday's low crossing at 95.44. Second support is December's low crossing at 92.95.
March natural gas closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. Closes above last Monday's high crossing at 2.844 are needed to confirm that a short term low has been posted. If March renews the multi year decline, monthly support crossing at 1.960 is the next downside target. First resistance is last Monday's high crossing at 2.844. Second resistance is January's high crossing at 3.153. First support is January's low crossing at 2.289. Second support is monthly support crossing at 1.960.
April gold closed lower on Wednesday and the low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1701.00 would confirm that a short term top has been posted. If April extends the rally off December's low, the 62% retracement level of the September-December decline crossing at 1772.28 is the next upside target. First resistance is last Friday's high crossing at 1765.90. Second resistance is the 62% retracement level of the September-December decline crossing at 1772.80. First support is the 20 day moving average crossing at 1701.00. Second support is the reaction low crossing at 1652.20.
Was Friday’s Price Action in Gold Signaling a Top in the S&P 500?
No comments:
Post a Comment