Thursday, September 16, 2010

Crude Oil Technical Outlook For Thursday Morning

Crude oil was lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought and are turning bearish warning bulls to use caution as a short term top might be in or is near.

Closes below the 20 day moving average crossing at 74.46 would confirm that a short term top has been posted. If October renews 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.

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

Crude oil pivot point for Thursday morning is 75.78

First support is the 20 day moving average crossing at 74.46
Second support is the reaction low crossing at 72.63

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