Tuesday, October 19, 2010

Crude Oil Daily Technical Outlook For Tuesday Morning Oct. 19th

Crude oil was slightly lower overnight as it extends the trading range of the past two weeks. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 81.24 would confirm that a short term top has been posted. If December renews the rally off August's low, the 75% retracement level of May's decline crossing at 88.07 is the next upside target.

First resistance is the reaction high crossing at 85.08.
Second resistance is the 75% retracement level of May's decline crossing at 88.07.

Crude oil pivot point for Tuesday morning is 82.24

First support is the 20 day moving average crossing at 81.24.
Second support is the reaction low crossing at 75.10.


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