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Monday, March 2, 2009
Crude Oil Lower Overnight, All Indicators Show Higher Prices Possible Near Term
April crude oil was lower overnight due to profit taking as it consolidates some of last week's rally but remains above the 20 day moving average crossing at $42.49.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends last week's rally, the reaction high crossing at $47.99 is the next upside target.
Closes below the 10 day moving average crossing at $40.96 are needed to confirm that a short term top has been posted.
First resistance is last Thursday's high crossing at $45.30.
Second resistance is the reaction high crossing at $47.99.
First support is the 20 day moving average crossing at $42.49.
Second support is the 10 day moving average crossing at $40.96.
Labels:
bearish,
bullish,
Crude Oil,
moving average,
rally,
resistance,
support,
upside target
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