Crude Oil Consolidates Some of Wednesday's Rally Overnight

Crude oil was lower overnight as it consolidates some of Wednesday's rally. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If December extends this week's decline, trendline support drawn off the August-September lows crossing near 77.85 is the next downside target. Closes above the 10 day moving average crossing at 82.67 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 82.67
Second resistance is this month's high crossing at 85.08

Crude oil pivot point for Thursday morning is 81.67

First support is Wednesday's low crossing at 79.90
Second support is the uptrend line drawn off the August-September lows crossing near 77.85


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