Thursday, August 25, 2011
Crude Oil Bulls Struggle to Gain Momentum in Thursdays Session
But the bulls have a lot of work ahead of them as closes above the reaction high crossing at 89.19 are needed to confirm that a low has been posted. If October renews this summer's decline, the 75% retracement level of the 2009-2011 rally crossing at 71.72 is the next downside target.
First resistance is the 20 day moving average crossing at 86.82. Second resistance is the reaction high crossing at 89.19. First support is this month's low crossing at 76.15. Second support is the 75% retracement level of the 2009-2011 rally crossing at 71.73.