Wednesday, September 8, 2010

Crude Oil Daily Technical Outlook Wednesday Morning

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

Closes above the reaction high crossing at 75.58 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 74.52
Second resistance is the reaction high crossing at 75.58

Crude oil pivot point for Wednesday morning is 73.78

First support is the reaction low crossing at 70.76
Second support is May's low crossing at 70.35

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