Monday, November 1, 2010

Crude Oil Market Commentary For Monday Morning Nov. 1st

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

If December renews last month's decline, trendline support drawn off the August-September lows crossing near 78.87 is the next downside target. Closes above last Monday's high crossing at 83.28 are needed to confirm that a short term low has been posted.

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

Crude oil pivot point for Monday morning is 81.37

First support is the reaction low crossing at 79.90.
Second support is the uptrend line drawn off the August-September lows crossing near 78.87.



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