crudeoiltrader's Commentaries

Crude Oil Market Commentary For Trader Planet Traders - Wednesday Evening

by crudeoiltrader on Jan 15, 2009

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.

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