Wednesday, September 29, 2010

Crude Oil Daily Technical Outlook Wednesday Morning Sept. 28th

Crude oil was higher overnight as it consolidates above the 20 day moving average crossing at 76.16. November has stalled above the 20 day moving average this week as concerns over demand have helped to limit near term gains.

At the same time, stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If November extends the rally off last week's low, the reaction high crossing at 78.86 is the next upside target. Closes below last Thursday's low crossing at 73.58 would renew the decline off this month's low.

First resistance is Monday's high crossing at 77.17
Second resistance is the reaction high crossing at 78.86

Crude oil pivot point for Wednesday morning 76.28

First support is last Thursday's low crossing at 73.58
Second support is the reaction low crossing at 73.08

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