Wednesday, September 22, 2010

Crude Oil Technical Outlook For Wednesday Morning Sept. 22nd

Crude oil was higher overnight as it consolidates below the 20 day moving average crossing at 75.81. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If November extends last week's decline, the reaction low crossing at 73.08 is the next downside target. Closes above the 10 day moving average crossing at 76.33 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 75.81
Second resistance is the 10 day moving average crossing at 76.33

Crude oil pivot point for Wednesday morning is 75.34

First support is last Friday's decline crossing at 74.10
Second support is the reaction low crossing at 73.08

Proof....Diversification Doesn't Work

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