Crude Oil Bulls Looking to Follow Through on Tuesday, Gain Back Momentum

Crude oil closed higher on Monday [March contract] renewing the rally off this month's low. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 101.39 are needed to confirm that a short term low has been posted. If March renews the decline off January's high, 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 the 10 day moving average crossing at 98.37. Second support is this month's low crossing at 95.44.

Gold closed lower on Monday [April contract] and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1714.10 would confirm that a short term top has been posted. If April renews 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 the reaction 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 1714.10. Second support is the reaction low crossing at 1652.20.

Natural gas closed lower on Monday [March contract] and the mid range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If March renews the multi year decline, monthly support crossing at 1.960 is the next downside target. Closes above the reaction high crossing at 2.844 are needed to confirm that a short term low has been posted. First resistance is the reaction 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.

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