Thursday, November 18, 2010
Crude Oil Daily Technical Outlook For Thursday Morning Nov. 18th
If December extends the aforementioned decline, the 62% retracement level of the August-November rally crossing at 78.56 is the next downside target. Closes above the 10 day moving average crossing at 85.03 would confirm that a short term low has been posted.
First resistance is the 20 day moving average crossing at 84.03
Second resistance is the 10 day moving average crossing at 85.03
Crude oil pivot point for Thursday is 81.06
First support is Wednesday's low crossing at 80.06
Second support is the 62% retracement level of the August-November rally crossing at 78.56
Bonds, U.S. Dollar, SP500 & Gold Have Changed Direction – Are You Ready?