Friday, September 23, 2011

Crude Oil Makes Sharp Move Below $80, Here's Your Numbers For Friday Morning

Crude oil traded lower overnight and continues south of $80 this morning as it extends this week's sharp decline. Stochastics and the RSI are bearish signaling that lower prices are possible....make that "likely" the near term.

Is cluster support of  64.23 on the table? That's what trading shops are talking about today. And it's looking more and more like a possibility.

If November extends this week's decline, August's low crossing at 76.61 is the next downside target. Closes above the 20 day moving average crossing at 87.17 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 86.34. Second resistance is the 20 day moving average crossing at 87.17. First support is the overnight low crossing at 78.36. Second support is August's low crossing at 76.61. Crude oil pivot point for Fridays trading is 81.72.

Recent "don't miss" articles.....

Gold Continues to Correct as Forecast in a 4th Wave Pattern

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