Monday, August 29, 2011
Positive Consumer Spending Report Lifts Oil and Equities
Closes above the reaction high crossing at 89.19 are needed to confirm that a low has been posted. If crude oil 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 reaction high crossing at 89.19. Second resistance is the May-July downtrend line crossing near 95.01. First support is the reaction low crossing at 79.38. Second support is August's low crossing at 76.15.