Tuesday, October 25, 2011

Crude Oil Opens Tuesday Trading Higher

Crude oil was sharply higher in Monday evenings overnight session as it extends this month's rally. Stochastics and RSI are overbought, diverging but are turning bullish. If December extends this month's rally, the 50% retracement level of the May-October decline crossing at 95.32 is the next upside target.

Closes below the 20 day moving average crossing at 84.57 are needed to confirm that a short term top has been posted.

First resistance is the 50% retracement level of the May-October decline crossing at 95.32
Second resistance is the 62% retracement level of the May-October decline crossing at 100.08

First support is the 10 day moving average crossing at 87.72
Second support is the 20 day moving average crossing at 84.57

Crude oil pivot point for Tuesday morning is 90.05


Check out "How to Trade Gold and Oil Prices This Coming Week"

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