Friday, September 16, 2011
Crude Oil Pressured By Euro Weakness and Greek Bailout Doubts
Closes below Monday's low crossing at 85.17 would confirm that the corrective rally off August's low has ended while opening the door for a possible test of August's low crossing at 76.61 later this fall.
First resistance is Tuesday's high crossing at 90.60. Second resistance is the May-July downtrend line crossing near 92.13. First support is Monday's low crossing at 85.17. Second support is last Tuesday's low crossing at 83.47. Crude oil pivot point for Friday morning is 89.19.