Wednesday, January 25, 2012
Crude Oil Moves Higher on Federal Reserve Statement
But stochastics and the RSI are still neutral to bearish signaling that sideways to lower prices are possible near term. If March extends this month's decline, December's low crossing at 92.95 is the next downside target. Closes above the reaction high crossing at 102.24 are needed to confirm that a short term low has been posted.
First resistance is the reaction high crossing at 102.24. Second resistance is this month's high crossing at 103.90. First support is Monday's low crossing at 97.40. Second support is December's low crossing at 92.95.
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