Teach Talk Trade Day Trading & Technical Analysis

Crude Oil 11/14/07

November 14th, 2007 by Uncle Mike

December crude oil was a bit higher overnight. It has consolidated some of this weeks decline. Stochastics adn the RSI are bearish and looks like it is signaling a sideways to lower near term prices. A close below the 20-day moving average at 90.21 is needed to confirm that a top has been put in. A first resistance would be the 10 day moving average at 94.61 and then the next resistance level would be at Wednesday’s high of 97.41. Since the highs are in uncharted territory who knows where it will head on the upside.

The December Heating oil and unleaded gas also consolidated in similar patterns to crude oil.

Relevant Tags:commodity futures, crude oil, futures, momentum oscillators, moving averages, online trading, trading systems

Posted on Wednesday, November 14th, 2007 at 6:52 am In
Commodity Futures

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