Tuesday, August 10, 2010

Crude Oil Daily Technical Outlook For Tuesday Morning

Crude oil was lower overnight and is extending last Friday's decline. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 79.10 are needed to confirm that a short term top has been posted. If September renews the rally off July's low, the reaction high crossing at 84.50 is the next upside target.

First resistance is last Wednesday's high crossing at 82.97
Second resistance is the reaction high crossing at 84.50

Crude oil pivot point for Tuesday morning is 81.32

First support is last Friday's low crossing at 80.04
Second support is the 20 day moving average crossing at 79.10

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