Crude Oil Daily Technical Outlook Wednesday Morning Nov. 17th

Crude oil was lower overnight as it extends the decline off last week's high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If December extends the aforementioned decline, the 50% retracement level of the August-November rally crossing at 80.49 is the next downside target. Closes above the 10 day moving average crossing at 85.64 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 84.04
Second resistance is the 10 day moving average crossing at 85.64

Crude oil pivot point for Wednesday morning is 83.04

First support is the overnight low crossing at 81.18
Second support is the 50% retracement level of the August-November rally crossing at 80.49


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