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Wednesday, September 1, 2010

Crude Oil Technical Outlook For Wednesday Morning

Crude oil was higher due to short covering overnight as it consolidates some of the decline off last Friday's high. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.88 are needed to confirm that a short term low has been posted. If October renews this month's decline, May's low crossing at 70.35 is the next downside target.

First resistance is Monday's high crossing at 75.58
Second resistance is the 20 day moving average crossing at 75.88

Crude oil pivot point for Wednesday morning is 72.73

First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35

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