Wednesday, September 7, 2011
Bulls Face Challenge of Strong Resistance as Crude Oil Closes Higher
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. Closes above the May-July downtrend line crossing near 93.57 would confirm an end to this summer's downtrend.
First resistance is last Thursday's high crossing at 89.90. Second resistance is the May-July downtrend line crossing near 93.57. First support is Tuesday's low crossing at 83.20. Second support is the reaction low crossing at 79.38.