Friday, October 8, 2010

Crude Oil Technical Outlook For Friday Morning Oct. 8th

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 and are turning bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 78.16 would confirm that a short term top has been posted. If November extends the rally off last week's low, the 62% retracement level of May's decline crossing at 84.65 is the next upside target.

First resistance is Wednesday's high crossing at 84.09
Second resistance is the 62% retracement level of May's decline crossing at 84.65

Crude oil pivot point for Friday morning is 82.37

First support is the 10 day moving average crossing at 80.19
Second support is the 20 day moving average crossing at 78.15


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