Tuesday, September 28, 2010

Crude Oil Technical Outlook For Tuesday Morning Sept. 28th

Crude oil was lower overnight as it consolidates some of last Friday's rally. Stochastics and the RSI are turning 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 Monday's high crossing at 77.17
Second resistance is the reaction high crossing at 78.86

Crude oil pivot point for Tuesday morning is 76.40

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

Just click here for your FREE trend analysis of crude oil ETF USO

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