Thursday, November 11, 2010

Crude Oil Technical Outlook For Thursday Morning Nov. 11th

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

If December extends the aforementioned rally, the 87% retracement level of May's decline crossing at 90.82 is the next upside target. Closes below the 20 day moving average crossing at 83.80 are needed to confirm that a short term top has been posted.

First resistance is the overnight 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 Thursday morning is 87.37

First support is the 10 day moving average crossing at 85.62
Second support is the 20 day moving average crossing at 83.80


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