Crude oil closed slightly lower on Friday as it extends the decline off June's high. The mid-range close sets the stage for a steady opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 62% retracement level of this year's rally crossing at 95.83 is the next downside target. Closes above the 20-day moving average crossing at 101.31 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 101.31. Second resistance is the reaction high crossing at 103.45. First support is today's low crossing at 97.09. Second support is the 62% retracement level of this year's rally crossing at 95.83.
Natural gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 3.958 are needed to confirm that a short-term low has been posted. If September extends the decline off June's high, last November's low crossing at 3.582 is the next downside target. First resistance is last Monday's gap crossing at 3.938. Second resistance is the 20-day moving average crossing at 3.958. First support is Monday's low crossing at 3.725. Second support is last November's low crossing at 3.582.
Gold closed higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 1307.70 are needed to confirm that a short-term low has been posted. If August extends the decline off July's high, the reaction low crossing at 1258.00 is the next downside target. First resistance is July's high crossing at 1336.80. Second resistance is the 75% retracement level of the March-June-decline crossing at 1354.40. First support is today's low crossing at 1279.70. Second support is the reaction low crossing at 1258.00
Get your seat for our next free trading webinar "Trading ETF's for Profit, Protection and Peace of Mind"....Just Click Here!
No comments:
Post a Comment