Crude oil closed lower on Thursday as it extends Wednesday's decline. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If January extends this week's decline, the 38% retracement level of the October-November rally crossing at 92.68 is the next downside target.
Closes above Tuesday's high crossing at 101.25 would confirm that a short term low has been posted. First resistance is Tuesday's high crossing at 101.25. Second resistance is November's high crossing at 102.44. First support is the 38% retracement level of the October-November rally crossing at 92.68. Second support is the 50% retracement level of the October-November rally crossing at 89.37.
Precious Metals, Equities and Crude Oil Long Term Outlook
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