Monday, August 16, 2010

Crude Oil Market Commentary For Monday Morning

Crude oil was slightly higher due to short covering overnight and is consolidates some of this month's decline. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 10 day moving average crossing at 79.42 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 78.93
Second resistance is the 10 day moving average crossing at 79.42

Crude oil pivot point for Monday morning is 75.71

First support is last Friday's low crossing at 75.01
Second support is the reaction low crossing at 74.70

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