Monday, September 20, 2010

Crude Oil Technical Outlook For Monday Morning Sept. 20th

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

If October extends last week's decline, the reaction low crossing at 71.53 is the next downside target. Closes above the 10 day moving average crossing at 75.15 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 74.37
Second resistance is the 10 day moving average crossing at 75.15

First support is last Friday's decline crossing at 72.75
Second support is the reaction low crossing at 71.53

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