Monday, August 29, 2011
Crude Oil Bulls Take Charge in Mondays Early Trading
Closes above the reaction high crossing at 89.19 are needed to confirm that a short term low has been posted. If October renews the decline off May's high, the 75% retracement level of the 2009-2011 rally crossing at 71.73 is the next downside target.
First resistance is the 20 day moving average crossing at 85.80.
Second resistance is the reaction high crossing at 89.19.
Crude oil's pivot point for Monday trading is 84.65.
First support is the reaction low crossing at 79.38.
Second support is this month's low crossing at 76.15.