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Friday, September 10, 2010

Crude Oil Technical Outlook For Friday Morning

Crude oil was higher overnight as it extends the rally off August's low. Stochastics and the RSI remain 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 and would open the door for additional gains near term. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target.

First resistance is Thursday's high crossing at 75.96
Second resistance is the reaction high crossing at 77.03

Crude oil pivot point for Friday morning is 74.70

First support is the reaction low crossing at 72.63
Second support is the reaction low crossing at 71.53

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