Crude Oil
CRUDE OIL closed higher on Thursday following Tuesday's key reversal up. The highrange close sets the stage for a steady opening on Friday. Stochastics and the RSI have turned bullish signalling that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted. If it renews January's decline, December's low crossing is the next downside target.
Trading Highlights:High $100.05, settlement 99.84, low $98.63.
Resistance : $101.97, 101.06, 100.45 Pivto 99.54, Support 98.93, 98.02 and 97.41
Natural Gas
NATURAL GAS closed lower on Thursday and the lowrange close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above last Monday's high crossing are needed to confirm that a shortterm low has been posted. If it renews the multiyear decline, monthly support crossing is the next downside target.
Trading Highlights: High $2.573, Settlement $2.477, Low $2.396
Resistance $2.745, R2-2.659, R1: 2.568 Support 2.398, 2.305, 2.214, Pivot 2.482
Spot Gold
SPOT Gold closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends the rally off December's low, the 62% retracement level of the SeptemberDecember decline crossing is the next upside target.
Trade highlights: High $1742.40, settlement $1739.10, Low $1725.45
Resistance 1779.48, R2-1765.94, R1 1752.54, Pivot 1739, Support 1725.60, S2-1712.06, S3 1698.66
Spot Silver
SPOT Silver closed lower on Thursday and the lowrange close set the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off December's low, the 87% retracement level of the NovemberDecember decline crossing is the next upside target.
Trade highlights: High $34.45, Settlement 33.93, Low: 33.64
Resistance $35.18, $34.82, R1 34.57, Pivot $34.01; Support 33.56, S2 33.30 S3 32.75
Courtesy: HY Markets
