Tuesday, October 26, 2010

Crude Oil Daily Technical Outlook For Tuesday Morning Oct. 26th

Crude oil was higher overnight as it extends Monday's rally above the 10 day moving average crossing at 82.29. Stochastics and the RSI are turning bullish following Monday's rally 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 78.28 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 Tuesday morning is 82.42

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 78.28


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