Wednesday, October 6, 2010

Crude Oil Market Summary For Wednesday Morning Oct. 6th


Crude oil was lower due to profit taking overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If November extends the rally off last week's low, August's high crossing at 83.91 is the next upside target. Closes below the 20 day moving average crossing at 77.66 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 83.33
Second resistance is August's high crossing at 83.91

Crude oil pivot point for Wednesday morning is 81.65

First support is the 10 day moving average crossing at 79.07
Second support is the 20 day moving average crossing at 77.66


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