crudeoiltrader's Commentaries

Crude Oil Market Commentary For Trader Planet Traders - Monday Morning

by crudeoiltrader on Jan 12, 2009

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.

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