Friday, September 24, 2010

Crude Oil Technical Outlook For Friday Morning Sept. 24th

Crude oil was steady to slightly higher overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If November extends this decline, the reaction low crossing at 73.08 is the next downside target. Closes above the 10 day moving average crossing at 75.99 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 75.92
Second resistance is the 10 day moving average crossing at 75.99

Crude oil pivot point for Friday morning is 74.79

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

How to Use Money Management Stops Effectively

Share

No comments:

ShareThis