Tuesday, August 31, 2010
Crude Oil Technical Outlook For Tuesday Morning August 31st
Closes above the 20 day moving average crossing at 76.49 are needed to confirm that a short term low has been posted. If October renews this month's decline, May's low crossing at 70.35 is the next downside target.
First resistance is Monday's high crossing at 75.58
Second resistance is the 20 day moving average crossing at 76.49
Crude oil pivot point for Tuesday morning is 74.76
First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35