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Thursday, September 23, 2010

Crude Oil Technical Outlook For Thursday Morning Sept. 23rd

Crude oil was lower overnight as it extends the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If November extends this decline, the reaction low crossing at 73.08 is the next downside target. Closes above the 10 day moving average crossing at 76.10 would confirm that a short-term low has been posted.

First resistance is the 20 day moving average crossing at 75.82
Second resistance is the 10 day moving average crossing at 76.10

Crude oil pivot point for Thursday morning is 74.85

First support is Wednesday's low crossing at 73.84
Second support is the reaction low crossing at 73.08

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