Thursday, February 23, 2012

Crude Oil Bulls Maintain Advantage Inside New Trading Range

Crude oil Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If April extends this month's rally, the 87% retracement level of 2011's decline crossing at 109.54 is the next upside target. Closes below the 20 day moving average crossing at 100.75 would confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at 106.72. Second resistance is the 87% retracement level of 2011's decline crossing at 109.54. First support is the 10 day moving average crossing at 102.88. Second support is the 20 day moving average crossing at 100.75. Thursdays pivot point is 106.20.


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