Wednesday, October 27, 2010

Crude Oil Technical Outlook For Wednesday Morning Oct. 27th

Crude oil was lower overnight as it consolidates some of the rebound off last week's low. However, stochastics and the RSI are turning bullish signaling that sideways to higher prices are still possible near term.

Closes above the reaction high crossing at 84.80 are needed to confirm that a short term low has been posted. If December renews last week's decline, trendline support drawn off the August-September lows crossing near 78.38 is the next downside target.

First resistance is Monday's high crossing at 83.28
Second resistance is the reaction high crossing at 84.80

Crude oil pivot point for Wednesday morning is 82.41

First support is last Wednesday's low crossing at 79.90
Second support is the uptrend line drawn off the August-September lows crossing near 78.38




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