Friday, November 12, 2010

Crude Oil Technical Outlook For Friday Morning Nov. 12th

Crude oil was sharply lower due to profit taking overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 83.98 are needed to confirm that a short term top has been posted. If December extends the aforementioned rally, the 87% retracement level of May's decline crossing at 90.82 is the next upside target.

First resistance is 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 Friday Morning is 87.99

First support is the 10 day moving average crossing at 86.03
Second support is the 20 day moving average crossing at 83.98

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