Crude oil was higher overnight as it extended the rally off last week's low and was challenging the 20 day moving average crossing at 64.67. But is now headed lower as worse then expected earnings from the major banks are giving traders concerns over future demand. Stochastics and the RSI are bullish signaling that sideways to higher prices are still possible near term.
Closes above the 20 day moving average crossing at 64.67 are needed to confirm that a short term low has been posted. Closes below the 10 day moving average crossing at 61.54 would temper the near term friendly outlook in the market. If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.
Crude oil's pivot point, our line in the sand is 65.41
First resistance is the 20 day moving average crossing at 64.67
Second resistance is the overnight high crossing at 65.53
First support is the 10 day moving average crossing at 61.54
Second support is the reaction low crossing at 58.32
Free Trade School Video "How to Use Money Management Stops Effectively"Natural gas was steady to slightly higher overnight as it consolidates above the 20 day moving average crossing at 3.62. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If August extends the rally off this month's low, the reaction high crossing at 4.138 is the next upside target. Closes below the 10 day moving average crossing at 3.520 would temper the near term friendly outlook in the market.
Wednesday's pivot point for natural gas is 3.68
First resistance is last Friday's high crossing at 3.79
Second resistance is the reaction high crossing at 4.14
First support is the 20 day moving average crossing at 3.62
Second support is the 10 day moving average crossing at 3.52
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