Friday, October 1, 2010

Crude Oil Technical Outlook For Friday Morning Oct. 1st

Crude oil was higher overnight as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If November extends the rally off last week's low, the 87% retracement level of August's decline crossing at 82.41 is the next upside target. Closes below the 20 day moving average crossing at 76.69 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 81.08
Second resistance is the 87% retracement level of August's decline crossing at 82.41

Crude oil pivot for Friday morning is 79.23

First support is the 20 day moving average crossing at 76.69
Second support is last Thursday's low crossing at 73.58



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