Thursday, March 8, 2012
Crude Oil Bulls Struggle to Show They Have The Advantage
Stochastics and the RSI remain bearish signaling that a short term top might be in or is near. Closes below Wednesday's crossing at 104.35 are needed to confirm that a short term top has been posted. If April renews this winter's rally, the 2011 high crossing at 114.09 is the next upside target.
First resistance is last Thursday's high crossing at 110.55. Second resistance is the 2011 high crossing at 114.09. First support is Wednesday's low crossing at 104.35. Second support is the reaction low crossing at 97.73.
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