Higher Food Prices Supports Gold....Can it do the Same for Crude Oil?

Crude oil is trading slightly higher as oil is trying to recover from Fridays beating on disappointing U.S. non-farm payrolls data, still below the psychological barrier of $90. But gold takes the center stage with commodity traders again as higher food prices gives gold bulls a reason to cheer. Higher food prices usually supports gold prices due to increased inflation and political unrest like we are seeing in Egypt. And traders are asking "Is OPEC member Algeria next?" as food prices there soar.

Crude oil stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 10 day moving average crossing at 89.13 would temper the near term friendly outlook. If March renews the rally off January's low, January's high crossing at 93.46 is the next upside target. First resistance is last Monday's high crossing at 92.84. Second resistance is January's high crossing at 93.46. First support is the 10 day moving average crossing at 89.13. Second support is January's low crossing at 85.11. Crude oil pivot point for Monday morning is 89.72.

Natural gas gapped down and was lower overnight as it renewed the decline off January's high. Stochastics and the RSI are oversold but are bearish signaling that additional weakness is possible near term. If March renews the decline off January's high, the 75% retracement level of the October-January rally crossing at 4.097 is the next downside target. Closes above the 20 day moving average crossing at 4.453 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 4.372. Second resistance is the 20 day moving average crossing at 4.453. First support is the overnight low crossing at 4.187. Second support is the 75% retracement level of the October-January rally crossing at 4.097. Natural gas pivot point for Monday morning is 4.322.

Gold was lower overnight as it consolidates some of the rally off January's low. Stochastics and the RSI remain bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 1353.20 are needed to confirm that a short term low has been posted. If February renews the decline off January's high, the 25% retracement level of the 2009-2010 rally crossing at 1296.40 is the next downside target. First resistance is the 20 day moving average crossing at 1353.20. Second resistance is the reaction high crossing at 1394.70. First support is January's low crossing at 1309.10. Second support is the 25% retracement level of the 2009-2010 rally crossing at 1296.40. Gold pivot point for Monday morning is 1351.80.


Learn How To Trade Market Sentiment

Share

Crude Oil Really is Our New World Currency

This weeks visit to the U.S. by Chinese leader Hu Jintao is making it painfully obvious for crude oil traders that crude oil is the new world currency. And while President Hu is apparently furious at the U.S. QE and QE2 actions of printing money, give them credit for trying to print or control all of the "new world currency" they can. The Chinese are replacing American companies in Costa Rica, expanding projects in the middle east and Africa and starting new projects off the coast of Cuba while U.S. companies still look for approval to drill within eye site of the China/Cuba projects. And it's paying off for them as reports show Chinas oil production increased 6.9% in 2010.

With pipelines plugged and European debt crisis slinking their way out of the news all eyes are back to inventory levels and the Euro/Dollar trade. Enjoy the temporary return of the quiet, peaceful, easy trade. Our future lies in Chinese GDP numbers, inflation and currency manipulation news. On that subject, China's National Bureau of Statistics Thursday also reported that fourth quarter gross domestic product grew 9.8% from a year earlier, above economists' expectations for a 9.2% expansion. So much for the poor guys and their attempt at gradually imposing lending restrictions to prevent runaway inflation.

With looming inventory numbers and the dollar falling along side crude oil overnight, let's take a run at it today using these pivot, support and resistance numbers.....

Crude oil was lower overnight as it consolidates some of last week's rally. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 87.25 would confirm that a short term top has been posted. If February extends last week's rally, this year's high crossing at 92.58 is the next upside target. First resistance is this year's high crossing at 92.58. Second resistance is weekly resistance crossing at 93.87. First support is the reaction low crossing at 87.25. Second support is the reaction low crossing at 84.09. Crude oil pivot point for Thursday morning is 92.10.

Natural gas was slightly higher overnight as it extends the short covering rebound off last week's low. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 4.414 are needed to confirm that a short term top has been posted. If February renews the rally off December's low, the 50% retracement level of the June-October decline crossing at 4.876 is the next upside target. First resistance is this month's high crossing at 4.707. Second resistance is the 50% retracement level of the June-October decline crossing at 4.876. First support is the 20 day moving average crossing at 4.414. Second support is December's low crossing at 3.985. Natural gas pivot point for Thursday morning is 4.517.

Gold was lower overnight signaling a possible end to a two day short covering bounce off Monday's low. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible. If February extends this month's decline, the reaction low crossing at 1331.10 is the next downside target. Closes above the 20 day moving average crossing at 1385.20 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 1385.20. Second resistance is this month's high crossing at 1424.40. First support is the reaction low crossing at 1352.70. Second support is the reaction low crossing at 1331.10. Gold pivot point for Thursday morning is 1371.50.


Don't miss our "Profitable Options Strategies Report"

Share

Crude Oil Bulls Start 2011 on a Positive Note

We can't deny the run, crude oil gained 15 percent last year and most analyst who called the bull run in oil prices were spot on. But is that it? Can a "V" shaped recovery in oil continue in the face of slowed Chinese manufacturing in December 2010 for the first time since July. The Bloomberg survey of economists shows that China, the world’s biggest energy consumer, will slow to 9 percent this year from 10 percent, that would still be three times the rate in the U.S. and six times Europe’s.

Russia for one is doing it's part to put an end to the run. Reporting oil production numbers not seen since the Soviet era. And while that increase in crude oil production was a mere 2.2% Russian natural gas production spiked a whopping 15% in 2010. Do they have more of that in store for us in 2011? And how will our "friends" in OPEC respond? Regardless of what they say I would not expect any pull back from the cash strapped countries of the now obsolete organization. In fact we expect to see an increase from the.....can we call them an organization?

The 2010 run ended with crude oil inventories dropping 4 weeks in row, the longest drop in more then a year. Does all of this scream out bubble? We suspect the bulls are going to enjoy a warm welcome from the sun tanned returning traders. But we stick by our cautioning tale that the second week of January could bring these oil prices back to earth with higher inventory reports. But we are trading TODAY, and here are the numbers we are going to use......

Crude oil was higher overnight as it extends the rally off August's low. Stochastics and the RSI are diverging but are turning neutral to bullish again signaling that sideways to higher prices are possible near term. If February extends the rally off August's low, May's high crossing at 93.87 is the next upside target. Closes below last Thursday's low crossing at 89.02 would confirm that a short term top has been posted. First resistance is the overnight high crossing at 92.20. Second resistance is May's high crossing at 93.87. First support is the 10 day moving average crossing at 90.80. Second support is last Thursday's low crossing at 89.02. Crude oil pivot point for Monday morning is 90.83.

Natural gas gapped up overnight and was higher as it extends the rally off December's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If February extends the aforementioned rally, December's high crossing at 4.635 is the next upside target. Closes below the 10 day moving average crossing at 4.268 would confirm that a short term top has been posted. First resistance is the overnight high crossing at 4.563. Second resistance is December's high crossing at 4.635. First support is the 20 day moving average crossing at 4.310. Second support is November's low crossing at 4.268. Natural gas pivot point for Monday morning is 4.388.

Gold was slightly lower due to light profit taking overnight as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If March extends last week's rally, December's high crossing at 1432.50 is the next upside target. Closes below the reaction low crossing at 1361.6 would confirm that a short term top has been posted. First resistance is last Friday's high crossing at 1422.00. Second resistance is December's high crossing at 1432.50. First support is the reaction low crossing at 1361.60. Second support is the reaction low crossing at 1352.00. Gold pivot point for Monday morning is 1416.00.


Get Our Big Picture Index & Commodity Forecasts

Share

2011 Crude Oil Price is All About The Double Dip

At this point the future of oil isn't about inventory and current demand. Obviously oil is in the position to trend higher to $100 and higher. What it is really about is do you believe a double dip in the U.S. economy is inevitable. If you listen to the talking heads they seem to think commodity demand in general will move forward even in the face of a double dip. Everyone is on board the bull train. But how quick they forget.

We personally think that if this type of demand increase continues 2011 is shaping up to be a carbon copy of 2008. Remember 2008? Spiking oil and food prices combined with housing prices taking another hit bringing down more banks and financial institutions with them.

All of this could be a distant memory and $93 oil will be called the bull run of 2010. As refinery issues in Canada fade, the Chinese continue to inflate their currency reeling in inflation, end of year low inventory tax advantages disappear and traders come to their senses that none of this was possible without the QE2 printing presses going full speed. This may be no time to short oil but January 15th and a whole new set of rules is right around the corner.

But we are trading TODAY, and here's the numbers we'll be using......


Crude oil was lower due to profit taking overnight as it consolidates some of the rally off November's low. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term. If February extends the rally off November's low, May's high crossing at 93.87 is the next upside target. Closes below the 20 day moving average crossing at 89.63 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 91.07. Second resistance is May's high crossing at 93.87. First support is the 10 day moving average crossing at 90.24. Second support is the 20 day moving average crossing at 89.63. Crude oil pivot point for Thursday morning is 91.77.

Natural gas was higher overnight as it extends the rally off last week's low and is trading above the 20 day moving average crossing at 4.298. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 4.298 would confirm that a short term low has been posted while opening the door for additional short covering gains into the new year. If February renews this month's decline, November's low crossing at 3.913 is the next downside target. First resistance is the overnight high crossing at 4.343. Second resistance is the reaction high crossing at 4.554. First support is the reaction low crossing at 3.985. Second support is November's low crossing at 3.913. Natural gas pivot point for Thursday morning is 4.271.

Gold was slightly lower due to light profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If March extends this week's rally, December's high crossing at 1432.50 is the next upside target. Closes below the reaction low crossing at 1361.6 would confirm that a short term top has been posted. First resistance is the overnight high crossing at 1415.40. Second resistance is this month's high crossing at 1432.50. First support is the reaction low crossing at 1361.60. Second support is the reaction low crossing at 1352.00. Gold pivot point for Thursday morning is 1410.00.


Free Weekly Low Risk Stock Picks

Share

Is This all the Crude Oil Bulls Have Got?

Crude oil traders continue their push in this higher trading range but can't seem to push through critical resistance at the 90+ level. Crude oil bulls are supported by newfound optimism on the street that the economic environment in the U.S. will continue to improve. But worries loom about the Ireland and the Euro as Fitch downgrades Ireland's credit rating despite the recent bail out deal. Precious metals have rebounded slightly but sediment has grown extremely bearish on the street across the whole metals sector. Here your trading numbers for Thursday morning.

Crude oil was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 85.32 would confirm that a short term top has been posted. If January extends the rally off November's low, May's high crossing at 93.29 is the next upside target.

First resistance is Tuesday's high crossing at 90.76
Second resistance is May's high crossing at 93.29

Crude oil pivot point for Thursday morning is 88.20

First support is the 10 day moving average crossing at 87.25
Second support is the 20 day moving average crossing at 85.32

Natural gas was higher overnight as it extends the rally off November's low. Stochastics and the RSI are diverging but are bullish signaling that sideways to higher prices are possible near term.

If January extends the rally off November's low, the 38% retracement level of the June-November decline crossing at 4.654 is the next upside target. Closes below the 20 day moving average crossing at 4.294 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 4.637
Second resistance is the 38% retracement level of the June-November decline crossing at 4.654

Natural gas pivot point for Thursday morning is 4.523

First support is the 10 day moving average crossing at 4.384
Second support is the 20 day moving average crossing at 4.294

Gold was slightly higher overnight as it consolidates some of the decline off this week's high. However, stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 1377.10 would confirm that a short term top has been posted. If March extends this year's rally into uncharted territory, upside targets will now be hard to project.

First resistance is Tuesday's high crossing at 1432.50
Second resistance is 1455.30

Gold pivot point for Thursday morning is 1392.40

First support is the 20 day moving average crossing at 1377.10
Second support is the reaction low crossing at 1352.00


Watch our latest video "After a Tough 2010, What's Next for Crude Oil Traders?"


Share

Crude Oil Daily Technical Outlook Wednesday Morning Sept. 28th

Crude oil was higher overnight as it consolidates above the 20 day moving average crossing at 76.16. November has stalled above the 20 day moving average this week as concerns over demand have helped to limit near term gains.

At the same time, stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If November extends the rally off last week's low, the reaction high crossing at 78.86 is the next upside target. Closes below last Thursday's low crossing at 73.58 would renew the decline off this month's low.

First resistance is Monday's high crossing at 77.17
Second resistance is the reaction high crossing at 78.86

Crude oil pivot point for Wednesday morning 76.28

First support is last Thursday's low crossing at 73.58
Second support is the reaction low crossing at 73.08

Get Started Trading Crude Oil Now....With 10 FREE Trading Lessons

Share

Crude Oil Technical Outlook For Wednesday Morning

Crude oil was lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought and are turning neutral warning bulls to use caution as a short term top might be in or is near.

Closes below the 20 day moving average crossing at 74.47 would confirm that a short term top has been posted. If October extends the rally off August's low, the 62% retracement level of the decline off August's high crossing at 78.58 is the next upside target.

First resistance is Monday's high crossing at 77.50
Second resistance is the 62% retracement level off August's high crossing at 78.58

Crude oil pivot point for Wednesday morning is 77.00

First support is the 10 day moving average crossing at 75.27
Second support is the 20 day moving average crossing at 74.47

The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

Share

Crude Oil and Natural Gas Technical Outlook For Friday Morning

Crude oil was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 76.76 would confirm that a short term top has been posted.

If September renews this month's rally, the reaction high crossing at 79.97 is the next upside target.

First resistance is Tuesday's high crossing at 79.69
Second resistance is the reaction high crossing at 79.97

Crude oil's pivot point for Friday morning is 77.90

First support is Wednesday's low crossing at 75.90
Second support is the reaction low crossing at 74.70

FREE Trade School Video “The Fibonacci Tool Fully Explained”

Natural gas was higher overnight as it extends this month's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this month's rally, the reaction high crossing at 4.945 is the next upside target. Closes below the 20 day moving average crossing at 4.571 would temper the near term friendly outlook.

First resistance is the overnight high crossing at 4.876
Second resistance is the reaction high crossing at 4.945

Natural gas pivot point for Friday morning is 4.792

First support is the 10 day moving average crossing at 4.639
Second support is the 20 day moving average crossing at 4.571

Do You Understand How Divergences Work in the Market?

Share

Crude Oil Moves Higher as Bulls Take a Clear Near Term Advantage

Crude oil was higher overnight and spiked above January's high as it extends the rally off February's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the 38% retracement level of the 2008-2009 decline crossing at 86.16 is the next upside target. Closes below the 20 day moving average crossing at 82.25 would confirm that a short term top has been posted. First resistance is overnight high crossing at 85.89. Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 86.16. First support is the 10 day moving average crossing at 82.64. Second support is the reaction low crossing at 82.25.

Natural gas was lower overnight as it consolidates some of last Thursday's rally. 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 4.211 would confirm that a short term low has been posted. If May extends the decline off December's high, weekly support crossing at 3.502 is the next downside target. First resistance is last Thursday's high crossing at 4.157. Second resistance is the 20 day moving average crossing at 4.211. First support is last Thursday's low crossing at 3.810. Second support is weekly support crossing at 3.502.

The U.S. Dollar was slightly lower overnight as it consolidates below the 10 day moving average crossing at 81.61. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 81.05 are needed to confirm that a short term top has been posted. If June renews this winter's rally, the May 2009 high on the weekly continuation chart crossing at 83.34 is the next upside target. First resistance is March's high crossing at 82.52. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 20 day moving average crossing at 81.05. Second support is last Thursday's low crossing at 80.52.

A Rare Glimpse Into MarketClub....Once a Year 2 Week Trial, Now Open!

Share

Crude Oil Market Commentary For Wednesday Evening

Crude oil closed higher on Wednesday as it consolidates above the 75% retracement level of the January-February decline crossing at 81.63. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the 87% retracement level of the January-February decline crossing at 83.53 is the next upside target. Closes below the 20 day moving average crossing at 79.53 would confirm that a short term top has been posted. First resistance is today's high crossing at 83.36. Second resistance is the 87% retracement level of the January-February decline crossing at 83.53. First support is the 10 day moving average crossing at 80.79. Second support is the 20 day moving average crossing at 79.53.

How to Use Money Management Stops Effectively

Natural gas closed higher due to short covering on Wednesday as it consolidates some of this winter's decline. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If May extends this winter's decline, weekly support crossing at 4.157 is the next downside target. Closes above the 20 day moving average crossing at 4.974 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 4.715. Second resistance is the 20 day moving average crossing at 4.974. First support is today's low crossing at 4.512. Second support is weekly support crossing at 4.157.

MarketClub Alerts.....Just Click Here!

The U.S. Dollar closed lower on Wednesday as it extends the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is last Wednesday's low crossing at 80.14. Second support is the reaction low crossing at 79.92.


Check out our Gold ETF Trading System



Share

Crude Oil Market Commentary For Wednesday Evening

Crude oil closed higher on Wednesday renewing the rally off February's low. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends the rally off February's low, the 75% retracement level of the January-February decline crossing at 81.63 is the next upside target. Closes below the 20 day moving average crossing at 77.53 would confirm that a short term top has been posted.

First resistance is today's high crossing at 81.60
Second resistance is the 87% retracement level of the January-February decline crossing at 83.53

First support is the 20 day moving average crossing at 77.53
Second support is last Thursday's low crossing at 77.44

Get 4 FREE Trading Videos from INO TV!

Natural gas closed higher due to short covering on Wednesday as it consolidates some of Monday's decline but remains below the 87% retracement level of the December-January rally crossing at 4.819. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If May extends this winter's decline, December's low crossing at 4.656 is the next downside target. Closes above the 20 day moving average crossing at 5.171 are needed to confirm that a low has been posted.

First resistance is the 10 day moving average crossing at 4.917
Second resistance is the 20 day moving average crossing at 5.171

First support is Tuesday's low crossing at 4.725
Second support is December's low crossing at 4.656

Jump Start Your Trading, Get Market Club Today

The U.S. Dollar closed lower on Wednesday and below the 20 day moving average crossing at 80.43. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below the reaction low crossing at 79.61 are needed to confirm that a short term top has been posted. If March renews this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target.

First resistance is the reaction high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92

First support is today's low crossing at 79.84
Second support is the reaction low crossing at 79.61


Double Tops and Pivot Points Explained



Share

Weak Dollar Gives Crude Oil Bulls New Life

Crude oil closed higher due to short covering on Friday as it consolidates some of Thursday's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top is in or is near.

Closes below the 20 day moving average crossing at 77.06 would confirm that a short term top has been posted. If May resumes this month's rally, the 75% retracement level of the January-February decline crossing at 81.63 is the next upside target.

First resistance is Monday's high crossing at 81.15
Second resistance is the 75% retracement level of the January-February decline crossing at 81.63

First support is Thursday's low crossing at 77.44
Second support is the 20 day moving average crossing at 77.06

Check out the new "Trend TV"

Natural gas closed higher due to short covering on Friday as it consolidates above the 87% retracement level of the December-January rally crossing at 4.819. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If May extends this week's decline, December's low crossing at 4.656 is the next downside target. Closes above the 20 day moving average crossing at 5.257 are needed to confirm that a low has been posted.

First resistance is the 10 day moving average crossing at 5.110
Second resistance is the 20 day moving average crossing at 5.257

First support is today's low crossing at 4.803
Second support is December's low crossing at 4.656

Free Trading Video: Day Trading Made Simple

The U.S. Dollar closed lower on Friday as it consolidates below the 50% retracement level of the 2009 decline crossing at 81.32. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 80.27 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target.

First resistance is last Friday's high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92

First support is the 20 day moving average crossing at 80.27
Second support is Tuesday's low crossing at 80.15


Here’s a Great Alternative to High Price Trading Courses



Share

Crude Oil Bulls Lose Round Two, Hold Slight Advantage For Wednesday

Crude oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off this month's low. The low range close sets the stage for a steady to lower 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 May extends this month's rally, the 75% retracement level of the January-February decline crossing at 81.63 is the next upside target. Closes below the 20 day moving average crossing at 76.33 would confirm that a short term top has been posted.

Tuesday evening's pivot point, our line in the sand is 79.26

First resistance is Monday's high crossing at 81.15
Second resistance is the 75% retracement level of the January-February decline crossing at 81.63

First support is the 10 day moving average crossing at 77.78
Second support is the 20 day moving average crossing at 76.33

Free Trade School Video: Day Trading Made Simple

Natural gas closed lower on Tuesday as it extends last Friday's breakout below the lower boundary of this month's trading range, which crosses at 5.060. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If March extends this week's decline, the 87% retracement level of the December-January rally crossing at 4.734 is the next downside target. Closes above the 20 day moving average crossing at 5.281 are needed to confirm that a low has been posted.

Natural gas pivot point for Tuesday evening is 4.856

First resistance is the 10 day moving average crossing at 5.221.
Second resistance is the 20 day moving average crossing at 5.281.

First support is today's low crossing at 4.773
Second support is the 87% retracement level of the December-January rally crossing at 4.734

Check out the new "Trend TV"

The U.S. Dollar closed higher on Tuesday ending a two day correction off last Friday's high but remains below the 50% retracement level of the 2009 decline crossing at 81.32. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends this winter's rally, the 62% retracement level of the 2009 decline crossing at 82.92 is the next upside target. Closes below the 20 day moving average crossing at 80.04 are needed to confirm that a short term top has been posted.

First resistance is last Friday's high crossing at 81.43
Second resistance is the 62% retracement level of the 2009 decline crossing at 82.92

First support is today's low crossing at 80.15
Second support is the 20 day moving average crossing at 80.04



Today’s Stock Market Club Trading Triangles



Share

Stronger Dollar, Demand Concerns Keep The Advantage to the Crude Oil Bears

Crude oil closed lower on Thursday as it extends last week's decline. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signal that sideways to lower prices are possible near term.

If March extends last week's decline, the 75% retracement level of the December-January rally crossing at 75.46 is the next downside target. Closes above the 10 day moving average crossing at 80.21 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 80.02
Second resistance is the 10 day moving average crossing at 80.21

First support is today's low crossing at 75.66
Second support is the 75% retracement level of the December-January rally crossing at 75.46

Where Do you Start?....Right here, Get 10 Trading Lessons FREE

Natural gas closed higher due to short covering on Thursday but the mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish hinting that additional weakness is possible near term.

If February renews last week's decline, the 50% retracement level of the December-January rally crossing at 5.314 is the next downside target. Closes above last Thursday's high crossing at 5.804 would temper the near term bearish outlook in the market.

First resistance is last Thursday's high crossing at 5.804
Second resistance is the reaction high crossing at 6.108

First support is last Tuesday's low crossing at 5.354
Second support is the 50% retracement level of the December-January rally crossing at 5.314

Just click here for your FREE trend analysis of UNG


The U.S. Dollar closed higher on Thursday but well off session highs due to profit taking, which erased most of its early gains. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If March extends this week's rally, the 38% retracement level of the 2009-2001 decline crossing at 79.71 is the next upside target. Closes below the 10 day moving average crossing at 77.52 would confirm that a short term top has been posted.

First resistance is today's high crossing at 79.00
Second resistance is the 38% retracement level of the 2009-2001 decline crossing at 79.71

First support is the 20 day moving average crossing at 77.79
Second support is Tuesday's low crossing at 77.52

Check out the new "Trend TV"

Share

Gasoline Extends Rally Off December's Low

Unleaded gas closed higher on Tuesday as it extends the rally off December's low. The high range close sets the stage for a steady to higher 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 February extends this rally, October's high crossing at 213.53 is the next upside target. Closes below the 20 day moving average crossing at 195.81 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 212.70
Second resistance is October's high crossing at 213.53

First support is the 10 day moving average crossing at 202.09
Second support is the 20 day moving average crossing at 195.81

Check out the new "Trend TV"

Share

Crude Oil Weekly Technical Outlook

Crude oil's recovery from 68.58 extend further to as high as 74.69 last week and is probably still in progress. Further rise could still be seen initially this week. But after all, upside is expected to be limited by 61.8% retracement at 76.87 and bring resumption of the fall from 82.0. On the downside, below 71.21 will indicate that recovery from 68.58 has completed and will flip intraday bias for this support first. Break will target 65.05 key support next. However, decisive break of 76.87 fibo resistance will argue that fall from 82.0 has completed and will turn focus back to this resistance.

In the bigger picture, at this point, crude oil is still limited by 55 days EMA (now at 74.52) and hence, we're favoring the case that medium term rise from 33.2 has completed at 82.0 with bearish divergence condition in daily MACD. Another fall is expected after finishing the current recovery from 68.58 and a break there will target 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60). Break there will confirm this bearish case and indicate that the down trend from 147.27 might be resuming for another low below 33.2. However, sustained trading above mentioned 76.87 will dampen this bearish view and argue that another high above 82.0 might be seen before crude oil tops in 76.77/90.24 fibo resistance zone

In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While the rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27.....Nymex Crude Oil Continuous Contract 4 Hours Chart.


What are you waiting for....Here is 10 FREE Trading Lessons!


Share

New Video: Gold.....Game On!

In our previous gold video, we were right in terms of gold making a low around the first of October.

The gold market finally moved into new high ground and confirmed that a major up move is now underway. In this new short video on gold, we scope out some upside target levels and also some time frames where we see gold heading.

At the end of my new video on gold I’m offering a special bonus to everyone who views the video. I believe the bonus will allow you to become a better trader and catch this move in gold.

Just Click Here to watch the new video!

As always our videos are free to view and do not require any registration. If you think this is an important video, I strongly suggest you share it with your friends and leave a comment to let our readers know where you think gold is headed.

Crude Oil Signals a Short Term Top

Crude oil closed lower on Monday as it extended last week's trading range. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 66.77 are needed to confirm that a short term top has been posted. If September extends the rally off July's low, the reaction high crossing at 74.25 is the next upside target.

First resistance is last Friday's high crossing at 72.84
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 69.55
Second support is the 20 day moving average crossing at 67.30

FREE Trade School Video “The Fibonacci Tool Fully Explained”

The U.S. Dollar closed higher on Monday as it extended last Friday's breakout above the 20 day moving average crossing at 78.94 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends today's rally, the reaction high crossing at 79.91 is the next upside target. Closes below the 10 day moving average crossing at 78.65 would temper the near term friendly outlook.

First resistance is today's high crossing at 79.51
Second resistance is the reaction high crossing at 79.81

First support is the 10 day moving average crossing at 78.65
Second resistance is last Wednesday's low crossing at 77.52

How to Use Money Management Stops Effectively

Natural gas closed lower on Monday as it extended last Friday's breakout below the 20 day moving average. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

If September extends today's decline, the reaction low crossing at 3.459 is the next downside target. If September renews the rally off July's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is the 10 day moving average crossing at 3.78
Second resistance is last Monday's high crossing at 4.16

First support is today's low crossing at 3.61
Second support is the reaction low crossing at 3.46

Crude Oil and Natural Gas Under Pressure From Stronger Dollar

Crude oil was lower due to profit taking overnight as it extends last week's narrow trading range. Stochastics and the RSI are diverging and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 67.30 would confirm that a short term top has been posted.

If September extends the rally off July's low, the reaction high crossing at 74.25 is the next upside target.

Monday's pivot point, our line in the sand is 71.38

First resistance is last Friday's high crossing at 72.84
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 69.56
Second support is the 20 day moving average crossing at 67.30

How to Use Money Management Stops Effectively

The U.S. Dollar was lower due to light profit taking overnight as it consolidates some of last Friday's rally. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.

Closes above the reaction high crossing at 79.77 are needed to confirm that a short term low has been posted. If September renews this summer's decline, the 75% retracement level of the 2008-2009 rally crossing at 75.73 is the next downside target.

First resistance is the overnight high crossing at 79.25
Second resistance is the reaction high crossing at 79.81

First support is the 10 day moving average crossing at 78.61
Second support is last Wednesday's low crossing at 77.52

How To Spot Winning Futures....Watch Video NOW

Natural gas was higher due to short covering overnight as it consolidates some of last week's decline but remains below broken support marked by the 20 day moving average crossing at 3.774. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

If September extends last week's decline, the reaction low crossing at 3.459 is the next downside target. Closes above the 10 day moving average crossing at 3.789 would temper the near term bearish outlook in the market.

Natural gas pivot point for Monday is 3.73

First resistance is the 10 day moving average crossing at 3.79
Second resistance is last Monday's high crossing at 4.16

First support is last Friday's low crossing at 3.66
Second support is the reaction low crossing at 3.46

Crude Oil Post Downside Reversal on U.S. Dollar Strength

Crude oil posted a downside reversal due to profit taking on Friday as consolidated some of this week's gains. The low range close sets the stage for a steady to lower opening on Monday. 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, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 66.77 would confirm that a short term top has been posted.

First resistance is today's high crossing at 72.84
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 69.28
Second support is the 20 day moving average crossing at 66.77

FREE Trade School Video “The Fibonacci Tool Fully Explained”

Natural gas closed lower on Friday and below the 20 day moving average crossing at 3.756 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, the reaction low crossing at 3.459 is the next downside target. If September renews the rally off July's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is Monday's high crossing at 4.16
Second resistance is the reaction high crossing at 4.26

First support is today's low crossing at 3.66
Second support is the reaction low crossing at 3.46

Create a FREE Stock Portfolio, And get your stocks trend analysis in your Inbox…..Daily!