CRUDE OIL posted a key reversal up on Tuesday and The highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to 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 extends January's decline, December's low crossing is the next downside target.
Trading details: High 99.08, settlement: 98.41, Low: 95.82
Resistance : 99.72, 101.03, 102.98, Pivot: 97.97, Support: 96.46, 84.51, 93.20.
NATURAL GAS closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. 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 details: High $1.3269, settlement 1.3248, low: 1.3088
Support: 1.3134, Pivot 1.3202, support 1.3021, 1.2953. Resistance 1.3496, 1.3383, 1.3315
SPOT SILVER closed higher on Tuesday as it extended the trading range of the past eight days. The lowrange close set the stage for a steady to lower opening on Wednesday. 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.
Trading details: High 34.06, settlement 34.24, low: 33.15
Resistance : 35.89, 35.13, 34.68 Pivot 33.92, Suuport 33.47, 32.71, 32.76
SPOT GOLD closed higher on Tuesday ending a twoday correction off last Friday's high. The highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to 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.
Trading details: High 1750, settlement 1745, low 1710
Support: 1721, 1695, 1681, Resistance 1760.90, 1779.40, 1800.80 Pivot 1735
Courtesy: HYMarkets
