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Wednesday, August 11, 2010

Crude Oil Daily Technical Outlook Wednesday Morning

Crude oil prices are trading lower early again today. Bulls still have the overall near term technical advantage, but are now fading a bit.

In September crude, look for buy stops to reside just above resistance at 80.00 and then at the overnight high of $80.44. Look for sell stops just below technical support at $79.00 and then at $78.50. Crude oil's pivot point for Wednesday morning is 80.36.

The U.S. dollar index is solidly higher in early trading, on short covering and safe haven buying interest. Bulls have quickly gained fresh upside near term technical momentum. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter term technical resistance at 82.00 and then at 82.25. Shorter term support is seen at 81.50 and then at 81.23.

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