Thursday, September 2, 2010

Crude Oil Daily Technical Outlook For Thursday Morning

Crude oil was lower overnight as it consolidates some of Wednesday's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.51 are needed to confirm that a short term low has been posted. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target.

First resistance is the 20 day moving average crossing at 75.51
Second resistance is Monday's high crossing at 75.58

Crude oil pivot point for Thursday morning is 73.35

First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35

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