Wednesday, August 18, 2010

Crude Oil Continues it's Slide, Here's Wednesday's Numbers

Crude oil was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

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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