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Monday, August 9, 2010

Crude Oil Market Commentary For Monday Morning

Crude oil was higher overnight as it consolidates some of last Friday's decline. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 78.96 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

Monday's pivot point for crude oil is 81.14

First support is the 10 day moving average crossing at 80.24
Second support is the 20 day moving average crossing at 78.95

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