Friday, November 19, 2010

Crude Oil Daily Technical Outlook For Friday Morning Nov. 19th

Crude oil was higher due to short covering overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

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 84.57 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 84.06
Second resistance is the 10 day moving average crossing at 84.57

Crude oil pivot point for Friday morning is 82.09

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


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