Trade ideas, analysis and low risk set ups for commodities, Bitcoin, gold, silver, coffee, the indexes, options and your retirement. We'll help you keep your emotions out of your trading.
Thursday, February 12, 2009
Crude Oil Testing First Support At $35.18
March crude oil was lower overnight as it extends this week's decline below December's low crossing at $38.00.
Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If March extends the decline, psychological support crossing at $35.00 is the next downside target.
Closes above the 20 day moving average crossing at $41.20 are needed to confirm that a short term low has been posted.
Closes above the reaction high crossing at $48.59 are needed to confirm that a trend change has taken place.
First resistance is the 10 day moving average crossing at $39.26.
Second resistance is the 20 day moving average crossing at $41.20.
First support is the overnight low crossing at $35.18.
Second support is psychological support crossing at $35.00.
Labels:
bearish,
bullish,
Chevron,
Crude Oil,
Exxon,
Iraqi Oil Ministry,
Petrobras,
psychological,
RSI,
Stochastics
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment