| Market Commentary Thursday 09 September 2010 |
| ENERGY |
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| Crude Oil closed higher on Wednesday above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If it renews the decline off August's high, May's low crossing is the next downside target. |
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Natural Gas closed lower on Wednesday but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish hinting that a short-covering rebound is possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this year's decline, weekly support crossing is the next downside target.
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