Thursday, September 9, 2010

Crude Oil Extends Trading Range of the Past Eight Days, Here's Thursdays Numbers

Crude oil was higher overnight as it extends the trading range of the past eight days. 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 reaction high crossing at 75.44
Second resistance is the reaction high crossing at 75.58

Crude oil pivot point for Thursday morning is 74.48

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

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