Tuesday, November 9, 2010

Crude Oil Technical Outlook For Tuesday Morning Nov. 9th

Crude oil was higher overnight as it extends the rally off August's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If December extends the aforementioned 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 83.38 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at 87.63
Second resistance is the 75% retracement level of May's decline crossing at 88.07

Crude oil pivot point for Tuesday morning is 86.84

First support is the 10 day moving average crossing at 84.49
Second support is the 20 day moving average crossing at 83.38


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