Friday, October 29, 2010

Crude Oil Daily Technical Outlook For Friday Morning Oct. 29th

Crude oil was lower overnight as it extends this week's decline. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term.

If December renews last week's decline, trendline support drawn off the August-September lows crossing near 78.72 is the next downside target. Closes above Monday's high crossing at 83.28 are needed to confirm that a short term low has been posted.

First resistance is Monday's high crossing at 83.28
Second resistance is the reaction high crossing at 84.80

Crude oil pivot point for Friday morning is 82.11

First support is last Wednesday's low crossing at 79.90
Second support is the uptrend line drawn off the August-September lows crossing near 78.72


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