Crude oil closed lower due to profit taking on Friday as it consolidates some of this week’s rally but remains above the 20 day moving average. Stochastics and the RSI a bullish signaling that sideways to higher prices are possible near term. The mid range close sets the stage for a steady opening on Monday.
If October extends this month’s rally, the reaction high crossing at 73.52 is the next upside target. Closes below the reaction low crossing at 67.05 would renew the decline off August’s high while opening the door for a possible test of the reaction low crossing at 64.69.
First resistance is Thursday’s high crossing at 73.16
Second resistance is the reaction high crossing at 73.52
First support is Monday’s low crossing at 68.02
Second support is the reaction low crossing at 67.05
Natural gas closed higher on Friday as it extends this month’s rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If October extends this month’s rally, the 38% retracement level of this year’s decline crossing at 4.082 is the next upside target. Closes below the 20 day moving average crossing at 3.129 would temper the near term friendly outlook in the market.
First resistance is Thursday’s high crossing at 3.90
Second resistance the 38% retracement level at 4.08
First support is the 10 day moving average crossing at 3.22
Second support is the 20 day moving average crossing at 3.13
