Wednesday, August 18, 2010
Crude Oil Continues it's Slide, Here's Wednesday's Numbers
If September extends the aforementioned decline, the 75% retracement level of the May-August rally crossing at 72.96 is the next downside target. Closes above the 20 day moving average crossing at 78.74 would confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 77.94
Second resistance is the 20 day moving average crossing at 78.74
Crude oil pivot point for Wednesday is 75.80
First support is the overnight low crossing at 74.69
Second support is the 75% retracement level of the May-August rally crossing at 72.96
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