Tuesday, November 23, 2010

Crude Oil Technical Outlook For Tuesday Morning Nov. 23rd

Crude oil was lower overnight as it poised to extend this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If January extends the aforementioned decline, the 62% retracement level of the August-November rally crossing at 79.24 is the next downside target. Closes above the 20 day moving average crossing at 84.47 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 84.47
Second resistance is this month's high crossing at 89.10

Crude oil pivot point for Tuesday morning is 81.76

First support is last Wednesday's low crossing at 80.65
Second support is the 62% retracement level of the August-November rally crossing at 78.56


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