Crude oil was slightly higher overnight as it consolidates above the 87% retracement level of the December-January rally crossing at 73.95. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If March extends this month's decline, December's low crossing at 72.45 is the next downside target. Closes above the 10 day moving average crossing at 77.07 are needed to confirm that a short term low has been posted.
Wednesday's pivot point for crude oil is 74.64
First resistance is the 10 day moving average crossing at 77.07
Second resistance is the 20 day moving average crossing at 79.47
First support is Tuesday's low crossing at 73.82
Second support is December's low crossing at 72.45
Today’s Stock Market Club Trading Triangles
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