Tuesday, October 5, 2010

Crude Oil Technical Outlook For Tuesday Morning Oct. 5th

Crude oil was higher overnight as it extends 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 77.31 would confirm that a short term top has been posted.

First resistance is Monday's high crossing at 82.38
Second resistance is August's high crossing at 83.91

Crude oil pivot point for Tuesday morning is 81.54

First support is the 10 day moving average crossing at 78.20
Second support is the 20 day moving average crossing at 77.31


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