Friday, May 4, 2012

Crude Oil Plummets on Disappointing Jobs Report

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Crude oil was lower as it extended Thursday's decline and renewed the decline off March's high. Stochastics and the RSI are bearish signaling that additional weakness is possible near term. In Friday mornings session the June contract lost more the $3.50 by 10 a.m. EST.

If June extends the decline off March's high, the 38% retracement level of the October-March rally crossing at 98.14 is the next downside target. Closes above the 10 day moving average crossing at 104.03 would signal that a short term low has been posted.

First resistance is the 10 day moving average crossing at 104.03. Second resistance is Tuesday's high crossing at 106.43. First support is the overnight low crossing at 101.10. Second support is the 38% retracement level of the October-March rally crossing at 98.14.

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