Wednesday, November 10, 2010
Crude Oil Technical Outlook For Wednesday Morning Nov. 10th
Closes below the 20 day moving average crossing at 83.49 are needed to confirm that a short term top has been posted. If December extends the aforementioned rally, the 75% retracement level of May's decline crossing at 88.07 is the next upside target.
First resistance is Tuesday's 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 Wednesday morning is 86.61
First support is the 10 day moving average crossing at 84.88
Second support is the 20 day moving average crossing at 83.49
Watch "How To Use Fibonacci Retracements"