Monday, September 13, 2010

Crude Oil Technical Outlook For Monday 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.

If October extends 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. Closes below the 20 day moving average crossing at 74.43 would confirm that a short-term top has been posted.

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

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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