Monday, November 15, 2010

Crude Oil Market Commentary For Monday Morning Nov. 15th

Crude oil was higher due to short covering overnight as it consolidates some of last Friday's huge decline. However, stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 84.00 are needed to confirm that a short term top has been posted. If December extends the rally off August's low, the 87% retracement level of May's decline crossing at 90.82 is the next upside target.

First resistance is last Thursday's high crossing at 88.63
Second resistance is the 87% retracement level of May's decline crossing at 90.82

Crude oil pivot point for Monday morning is 85.75

First support is last Friday's low crossing at 84.52
Second support is the 20 day moving average crossing at 84.00


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