This is the position we Americans find ourselves in, if the markets rally crude oil will surely soar. But can the U.S. economy even survive $80 crude oil?
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February crude oil closed lower on Thursday as it extends this week’s decline and spiked to a new contract low.
A short covering rally tempered early losses and the mid range close sets the stage for a steady opening on Friday.
Closes below December’s low crossing at $35.13 would open the door for a possible test of psychological support crossing at $30.00 later this winter.
Closes above the 10 day moving average crossing at $41.68 would confirm that a short term low has been posted.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
First resistance is the 20 day moving average crossing at $41.05.
Second resistance is the 10 day moving average crossing at $41.68.
First support is today’s low crossing at $33.20.
Second support is psychological support crossing at $30.00.
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February crude oil was higher overnight due to short covering as it consolidates some of this month’s decline.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends this month’s decline, December’s low crossing at $35.13 is the next downside target.
Closes above the 10 day moving average crossing at $41.94 would signal that a short term low has likely been posted.
Closes above last Tuesday’s high crossing at $50.47 are needed to renew the rally off December’s low.
First resistance is the 20 day moving average crossing at $41.18.
Second resistance is the 10 day moving average crossing at $41.94.
First support is Wednesday’s low crossing at $35.52.
Second support is December’s low crossing at $35.13.
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February crude oil closed slightly lower on Wednesday as it extends this week’s decline.
Today’s mid range close sets the stage for a steady opening on Thursday.
The door remains open for a possible test of December’s low crossing at $35.13.
Closes above the 10 day moving average crossing at $42.61 would confirm that a short term low has been posted.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
First resistance is the 20 day moving average crossing at $41.62.
Second resistance is the 10 day moving average crossing at $42.61.
First support is today’s low crossing at $35.52.
Second support is December’s low crossing at $35.13.
For more complete crude oil trading news visit http://crudeoiltrader.blogspot.com
February crude oil was higher overnight due to short covering as it consolidates some of this month’s decline.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends this month’s decline, December’s low crossing at $35.13 is the next downside target.
Closes above the 10 day moving average crossing at $42.75 would signal that a short term low has likely been posted.
Closes above last Tuesday’s high crossing at $50.47 are needed to renew the rally off December’s low.
First resistance is the 20 day moving average crossing at $41.69.
Second resistance is the 10 day moving average crossing at $42.75.
First support is Tuesday’s low crossing at $36.10.
Second support is December’s low crossing at $35.13.
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February crude oil closed higher on Tuesday due to short covering as it consolidated some of this week’s decline.
Today’s mid range close sets the stage for a steady opening on Wednesday.
However, the door is open for a possible test of December’s low crossing at $35.13.
Closes above the 10 day moving average crossing at $42.82 would confirm that a short term low has been posted.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
First resistance is the 20 day moving average crossing at $42.15.
Second resistance is the 10 day moving average crossing at $42.82.
First support is today’s low crossing at $36.10. Second support is December’s low crossing at $35.13.
For more crude oil trading info visit http://crudeoiltrader.blogspot.com
February crude oil was lower overnight as it extends this month’s decline.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends this month’s decline, December’s low crossing at $35.13 is the next downside target.
Closes above the 10 day moving average crossing at $42.65 would signal that a short term low has likely been posted.
Closes above last Tuesday’s high crossing at $50.47 are needed to renew the rally off December’s low.
First resistance is the 10 day moving average crossing at $42.65.
Second resistance is last Tuesday’s high crossing at $50.47.
First support is the overnight low crossing at $36.10.
Second support is December’s low crossing at $35.13.
Do to the importance of the movement of the U.S. dollar to the price of crude will now include commentary on the dollar in most post here….
The March Dollar was higher due to short covering overnight as it extends the rebound off last Thursday’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above last Tuesday’s high crossing at 84.98 are needed to renew the rally off December’s low. Multiple closes below the 20 day moving average crossing at 82.42 would confirm that the corrective rally off December’s low has come to an end. First resistance is last Tuesday’s high crossing at 84.98. Second resistance is broken support crossing at 85.34. First support is last Thursday’s low crossing at 81.99. Second support is the reaction low crossing at 80.43.
For more complete crude oil trading information visit http://crudeoiltrader.blogspot.com
February crude oil closed down $3.07 at $37.76 a barrel today.
Prices closed near the session low and hit a fresh two-week low today, amid a firmer U.S. dollar and more recent dour world economic data that suggests less demand for energy worldwide.
Bears still have the overall near term technical advantage and have regained downside momentum recently.
Prices remain in a six month old downtrend on the daily bar chart.
For more crude oil trading news check out our blog at http://crudeoiltrader.blogspot.com
February crude oil was lower overnight as it extends last Thursday’s decline below the 10 day moving average.
Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If February extends last week’s decline, December’s low crossing at $35.13 is the next downside target.
Closes above last Tuesday’s high crossing at $50.47 are needed to renew the rally off December’s low.
First resistance is the 10 day moving average crossing at $43.12.
Second resistance is last Tuesday’s high crossing at $50.47.
First support is the overnight low crossing at $38.43.
Second support is December’s low crossing at $35.13.
For more complete Crude Oil trading info visit http://crudeoiltrader.blogspot.com
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