Monday, September 13, 2010
Crude Oil Technical Outlook For Monday Morning
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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