Tuesday, November 16, 2010

Crude Oil Technical Outlook For Tuesday Morning Nov. 16th

Crude oil was lower overnight and trading below the 20 day moving average crossing at 84.15 as it extends last week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 84.15 are needed to confirm that a short term top has been posted. Closes above the 10 day moving average crossing at 86.07 would temper the near term bearish outlook.

First resistance is the 10 day moving average crossing at 86.07
Second resistance is last Thursday's high crossing at 88.63

Crude oil pivot point for Tuesday morning is 85.04

First support is the overnight low crossing at 83.56
Second support is the 38% retracement level of the August-November rally crossing at 82.44


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