Crude Oil Technical Outlook For Tuesday Morning

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

Closes above the reaction high crossing at 75.58 are needed to confirm that a short term low has been posted. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target.

First resistance is the 20 day moving average crossing at 74.80.
Second resistance is the reaction high crossing at 75.58.

Crude oil pivot point for Tuesday morning is 74.12

First support is the reaction low crossing at 70.76.
Second support is May's low crossing at 70.35.

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Crude Oil Weekly Technical Outlook For Saturday September 4th

From the staff at Oil N Gold.....

Crude oil was bounded in choppy sideway trading between 70.76/75.58 last week. Consolidations from 70.76 could still extend further and stronger recovery cannot be ruled out. But still, upside is expected to be limited by 61.8% retracement of 82.97 to 70.76 at 78.31 and bring resumption of fall fro 82.97. Sustained trading below 70.76/71.09 support zone will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.

In the bigger picture, choppy rebound from 64.23 is treated as a correction to fall from 87.15 only and has possibly finished at 82.97 already. Decisive break of 71.09 will confirm this bearish case and also indicate that whole fall from 87.15 is resuming for 60 psychological level, (50% retracement of 33.2 to 87.15 at 60.18, 100% projection of 87.15 to 64.23 from 82.97 at 60.05). Decisive break there will indicate that fall from 87.15 is developing into a powerful impulsive wave and would target 33.2 low. On the upside, break of 82.97 resistance is needed to invalidate this view. Otherwise, we'll stay bearish in crude oil.

In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 fibo resistance zone as expected. Our view is that fall from 87.15 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd anticipate an eventual break of 33.2 low in the long term as such correction extends.

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Crude Oil Technical Outlook For Wednesday Morning

Crude oil was higher due to short covering overnight as it consolidates some of the decline off last Friday's high. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.88 are needed to confirm that a short term low has been posted. If October renews this month's decline, May's low crossing at 70.35 is the next downside target.

First resistance is Monday's high crossing at 75.58
Second resistance is the 20 day moving average crossing at 75.88

Crude oil pivot point for Wednesday morning is 72.73

First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35

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Crude Oil Technical Outlook For Tuesday Morning August 31st

Crude oil was lower overnight as it consolidates some of last Friday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 76.49 are needed to confirm that a short term low has been posted. If October renews this month's decline, May's low crossing at 70.35 is the next downside target.

First resistance is Monday's high crossing at 75.58
Second resistance is the 20 day moving average crossing at 76.49

Crude oil pivot point for Tuesday morning is 74.76

First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35



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Crude Oil Technical Outlook For Monday Morning

Crude oil was lower overnight as it consolidates some of last Friday's rally but remains above broken resistance marked by the 10 day moving average crossing at 74.09. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 76.96 are needed to confirm that a short term low has been posted. If October renews this month's decline, May's low crossing at 70.35 is the next downside target.

First resistance is the overnight high crossing at 75.58
Second resistance is the 20 day moving average crossing at 76.96

Crude oil pivot point for Monday morning is 74.27

First support is last Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35

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Crude Oil Technical Outlook For Friday Morning

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 77.23 are needed to confirm that a short term low has been posted. If October extends this month's decline, May's low crossing at 70.35 is the next downside target.

First resistance is the 10 day moving average crossing at 74.03
Second resistance is the 20 day moving average crossing at 77.23

Crude oil pivot point for Friday morning is 73.29

First support is Wednesday's low crossing at 70.76
Second support is May's low crossing at 70.35

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Crude Oil Technical Outlook For Tuesday Morning

Crude oil was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near term.

If October extends the aforementioned decline, May's low crossing at 70.35 is the next downside target. Closes above the 20 day moving average crossing at 78.07 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 75.18
Second resistance is the 20 day moving average crossing at 78.07

Crude oil pivot point for Tuesday morning is 73.44

First support is the overnight low crossing at 72.02
Second support is May's low crossing at 70.35

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Crude Oil Technical Outlook For Monday Morning

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near term.

If September extends the aforementioned decline, the 75% retracement level of the May-August rally crossing at 72.96 is the next downside target. Closes above the 20 day moving average crossing at 78.25 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 76.52
Second resistance is the 20 day moving average crossing at 78.25

Crude oil pivot point for Monday morning is 74.08

First support is last Friday's low crossing at 73.19
Second support is the 75% retracement level of the May-August rally crossing at 72.96

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Crude Oil Technical Outlook For Friday Morning

Crude oil was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near term.

If September extends the aforementioned decline, the 75% retracement level of the May-August rally crossing at 72.96 is the next downside target. Closes above the 20 day moving average crossing at 78.24 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 76.49
Second resistance is the 20 day moving average crossing at 78.24

Crude oil pivot point for Friday morning is 75.19

First support is the overnight low crossing at 73.25
Second support is the 75% retracement level of the May-August rally crossing at 72.96


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Crude Oil Hits Five Week Lows, Inventory Fears Weigh

Crude futures dropped below $74 Wednesday, hitting five week lows as equities fell and data from an industry trade group showed large builds in already high U.S. oil inventories. Light, sweet crude for September delivery recently traded $1.61, or 2.1%, lower at $74.16 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.29 lower at $75.64 a barrel.

Late Tuesday, the American Petroleum Institute, an industry trade group, said oil inventories rose by 5.8 million barrels last week, while stocks gasoline and distillates, which include heating oil and diesel fuel, rose by around 2 million barrels each. The unexpected rise in inventories combined with falling equities Wednesday morning to push crude to the lowest level since July 7. The Dow Jones Industrial Average was recently down 48 points to 10357.

Growing stockpiles suggest that demand for oil and oil products is having trouble keeping up with supply, a worrying prospect for a market already flush with crude. Stockpiles at the Cushing, Okla., delivery point for Nymex benchmark crude are inching closer to record levels set in May. And inventories of gasoline remain above five-year averages amid the important U.S. summer driving season.

The Department of Energy is set to report its own statistics on inventories at 10:30 a.m. EDT Wednesday. These more influential data are expected to show a 1.3-million-barrel decline in crude stocks, according to a Dow Jones Newswires survey of analysts. Gasoline stocks are seen falling by 500,000 barrels, while distillate inventories are expected to grow by 1.2 million barrels.....Read the entire article.

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Crude Oil Continues it's Slide, Here's Wednesday's Numbers

Crude oil was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the 75% retracement level of the May-August rally crossing at 72.96 is the next downside target. Closes above the 20 day moving average crossing at 78.74 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 77.94
Second resistance is the 20 day moving average crossing at 78.74

Crude oil pivot point for Wednesday is 75.80

First support is the overnight low crossing at 74.69
Second support is the 75% retracement level of the May-August rally crossing at 72.96

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Crude Oil Market Commentary For Tuesday Morning

Crude oil was higher due to short covering overnight and is consolidates some of this month's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 20 day moving average crossing at 78.83 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 78.72
Second resistance is the 20 day moving average crossing at 78.83

Crude oil pivot point for Tuesday morning is 75.35

First support is Monday's low crossing at 74.86
Second support is the reaction low crossing at 74.70

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Crude Oil Market Commentary For Monday Morning

Crude oil was slightly higher due to short covering overnight and is consolidates some of this month's decline. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 10 day moving average crossing at 79.42 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 78.93
Second resistance is the 10 day moving average crossing at 79.42

Crude oil pivot point for Monday morning is 75.71

First support is last Friday's low crossing at 75.01
Second support is the reaction low crossing at 74.70

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Crude Oil Continues it's Slide....Lower Prices Still Likely

Crude oil closed lower on Thursday as it extends yesterday's breakout below the 20 day moving average crossing at 79.05. Renewed concerns over both the domestic and world economy and the negative ramifications of potential lower world demand continues to weigh on the energy complex.

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 September extends this week's decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 10 day moving average crossing at 80.36 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 79.05
Second resistance is the 10 day moving average crossing at 80.36

First support is today's low crossing at 75.52
Second support is the reaction low crossing at 74.70

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Crude Oil Continues it's Decline....Here's Thursday's Trading Numbers

Crude oil was lower overnight and is 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 September extends the aforementioned decline, the reaction low crossing at 75.90 is the next downside target. Closes above the 10 day moving average crossing at 80.50 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 79.13
Second resistance is the 10 day moving average crossing at 80.50

Thursday's pivot point for crude oil is 78.57

First support is the overnight low crossing at 76.92
Second support is the reaction low crossing at 75.90

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Stock Market and Commodities Commentary For Tuesday Evening

Crude oil closed lower on Tuesday and below the 10 day moving average crossing at 80.51 signaling that a short term top has been posted. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower are possible near term. Closes below the 20 day moving average crossing at 79.08 are needed to confirm that a short term top has been posted. If September renews the rally off May's low, the reaction high crossing at 84.50 is the next upside target. First resistance is last Wednesday's high crossing at 82.97. Second resistance is the reaction high crossing at 84.50. First support is today's low crossing at 79.20. Second support is the 20 day moving average crossing at 79.08.

Natural gas closed slightly lower on Tuesday but remains above support marked by July's low crossing at 4.290. The mid range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off last week's high, May's low crossing at 4.140 is the next downside target. Closes above the 10 day moving average crossing at 4.622 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 4.583. Second resistance is the 10 day moving average crossing at 4.622. First support is Monday's low crossing at 4.313. Second support is May's low crossing at 4.140.

The S&P 500 index closed lower due to profit taking on Tuesday while extending last week's trading range. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, June's high crossing at 1129.20 is the next upside target. Closes below the 20 day moving average crossing at 1100.59 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 1127.50. Second resistance is June's high crossing at 1129.20. First support is the 20 day moving average crossing at 1100.59. Second support is the reaction low crossing at 1083.60.

The U.S. Dollar closed higher due to short covering on Tuesday as it consolidated some of last Friday's decline. A late day sell off tempered early gains and the low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 81.99 are needed to confirm that a short term low has been posted. If September extends the decline off June's high, the 75% retracement level of the November-June rally crossing at 78.60 is the next downside target. First resistance is today's high crossing at 81.65. Second resistance is the 20 day moving average crossing at 81.99. First support is last Friday's low crossing at 80.17. Second support is the 75% retracement level of the November-June rally crossing at 78.60.

The U.S. Dollar closed higher due to short covering on Tuesday as it consolidated some of last Friday's decline. A late day sell off tempered early gains and the low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 81.99 are needed to confirm that a short term low has been posted. If September extends the decline off June's high, the 75% retracement level of the November-June rally crossing at 78.60 is the next downside target. First resistance is today's high crossing at 81.65. Second resistance is the 20 day moving average crossing at 81.99. First support is last Friday's low crossing at 80.17. Second support is the 75% retracement level of the November-June rally crossing at 78.60.

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Crude Oil Daily Technical Outlook For Friday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are overbought and are turning neutral to bullish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 78.70 would confirm that a short term top has been posted. If September extends the aforementioned rally, the reaction high crossing at 84.50 is the next upside target.

First resistance is Wednesday's high crossing at 82.97
Second resistance is the reaction high crossing at 84.50

Crude oil pivot point for Friday morning is 82.02

First support is the 10 day moving average crossing at 80.09
Second support is the 20 day moving average crossing at 78.70

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Crude Oil Daily Technical Outlook For Thursday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the aforementioned rally, the reaction high crossing at 84.50 is the next upside target. Closes below the 20 day moving average crossing at 78.45 would confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at 82.97
Second resistance is the reaction high crossing at 84.50

Crude oil's pivot point for Thursday is 82.35

First support is the 10 day moving average crossing at 79.82
Second support is the 20 day moving average crossing at 78.45

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Crude Oil Daily Technical Outlook Wednesday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If September extends the aforementioned rally, the reaction high crossing at 84.50 is the next upside target. Closes below the 20 day moving average crossing at 78.12 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at 82.64
Second resistance is the reaction high crossing at 84.50

Crude oil's pivot point for Wednesday morning is 82.10

First support is the 10 day moving average crossing at 79.49
Second support is the 20 day moving average crossing at 78.12

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