Thursday, August 12, 2010

Crude Oil Continues it's Decline....Here's Thursday's Trading Numbers

Crude oil was lower overnight and is extends the decline off last week's high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the reaction low crossing at 75.90 is the next downside target. Closes above the 10 day moving average crossing at 80.50 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 79.13
Second resistance is the 10 day moving average crossing at 80.50

Thursday's pivot point for crude oil is 78.57

First support is the overnight low crossing at 76.92
Second support is the reaction low crossing at 75.90

a href="http://tinyurl.com/y9o4shu">The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

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