Thursday, August 19, 2010

Crude Oil Daily Technical Outlook For Thursday

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 78.59 would confirm that a short term low has been posted. If September extends the aforementioned decline, the 75% retracement level of the May-August rally crossing at 72.96 is the next downside target.

First resistance is the 10 day moving average crossing at 77.36
Second resistance is the 20 day moving average crossing at 78.59

Crude oil pivot point for Thursday morning is 75.00

First support is Wednesday's low crossing at 73.83
Second support is the 75% retracement level of the May-August rally crossing at 72.96

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