Crude Oil Market Commentary For Monday Morning Nov. 1st

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

If December renews last month's decline, trendline support drawn off the August-September lows crossing near 78.87 is the next downside target. Closes above last Monday's high crossing at 83.28 are needed to confirm that a short term low has been posted.

First resistance is last Monday's high crossing at 83.28.
Second resistance is the reaction high crossing at 84.80.

Crude oil pivot point for Monday morning is 81.37

First support is the reaction low crossing at 79.90.
Second support is the uptrend line drawn off the August-September lows crossing near 78.87.



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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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Technical Analysis: Gasoline Poised for Slide to 8 Week Low

Gasoline futures may fall nearly 7 percent to an eight week low if the August contract closes below $1.70, according to a technical analysis by Lind-Waldock & Co. in Chicago.
A drop below the 55 day smooth moving average around $1.70 would send prices down to $1.625, the uptrend line connecting the Feb. 19 and April 27 lows, said Blake Robben, a strategist at Lind-Waldock, a division of MF Global Ltd. If prices fall below trendline support, "$1.55 is the next level,” Robben said in an interview.....Complete Story

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