Tuesday, August 17, 2010
Crude Oil Market Commentary For Tuesday Morning
If September extends the aforementioned decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 20 day moving average crossing at 78.83 would confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 78.72
Second resistance is the 20 day moving average crossing at 78.83
Crude oil pivot point for Tuesday morning is 75.35
First support is Monday's low crossing at 74.86
Second support is the reaction low crossing at 74.70
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