Friday, September 17, 2010

Crude Oil Technical Outlook For Friday Morning

Crude oil was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 74.43 would confirm that a short term top has been posted. If October renews the rally off August's low, the 62% retracement level of the decline off August's high crossing at 78.58 is the next upside target.

First resistance is Monday's high crossing at 77.50
Second resistance is the 62% retracement level off August's high crossing at 78.58

Crude oil pivot point for Friday morning is 74.89

First support is the 20 day moving average crossing at 74.43
Second support is the reaction low crossing at 72.63

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