Friday, November 5, 2010

Crude Oil Technical Outlook For Friday Morning Nov. 5th

Crude oil was lower due to profit taking overnight as it consolidates some of this 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 this 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 82.91 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at 87.22
Second resistance is the 75% retracement level of May's decline crossing at 88.07

Crude oil pivot point for Friday morning is 86.08

First support is the 10 day moving average crossing at 82.96
Second support is the 20 day moving average crossing at 82.72


What's The Gold and Oil Guy thinking today?

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