Friday, October 15, 2010
Crude Oil Technical Outlook For Friday Morning Oct. 15th
If December renews the rally off last week's low, the 75% retracement level of May's decline crossing at 88.07 is the next upside target. Closes below the 20 day moving average crossing at 80.68 would confirm that a short term top has been posted.
First resistance is last Wednesday's high crossing at 85.08.
Second resistance is the 75% retracement level of May's decline crossing at 88.07.
First support is the 10 day moving average crossing at 83.13.
Second support is the 20 day moving average crossing at 80.68.
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