Monday, November 8, 2010

Crude Oil Daily Technical Outlook For Monday Morning Nov. 8th

Crude oil was lower due to profit taking overnight as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If December extends last week's rally, 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 83.10 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at 87.49
Second resistance is the 75% retracement level of May's decline crossing at 88.07

Crude oil pivot point for Monday morning is 86.75

First support is the 10 day moving average crossing at 83.94
Second support is the 20 day moving average crossing at 83.10


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