Monday, September 27, 2010

Crude Oil Technical Outlook For Monday Morning Sept. 27th

Crude oil was steady to slightly higher overnight as it extends last Friday's rally above the 20 day moving average. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term.

If November extends the rally off last week's low, the reaction high crossing at 78.86 is the next upside target. Closes below last Thursday's low crossing at 73.58 would renew the decline off this month's low.

First resistance is the overnight high crossing at 76.89
Second resistance is the reaction high crossing at 78.86

Crude oil pivot point for Monday morning is 75.94

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

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