Crude Oil Trader Market Summary For Friday Evening
The S&P 500 index gapped up and closed higher on Friday as it extended this week’s rally. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that additional gains are possible near term. If September extends this week’s rally, August’s high crossing at 1127.50 is the next upside target. Closes below the 10 day moving average crossing at 1059.54 would confirm that a short term top has been posted. First resistance is today’s high crossing at 1104.30. Second resistance is August’s high crossing at 1127.50. First support is the 20 day moving average crossing at 1071.32. Second support is the 10 day moving average crossing at 1059.54.
Crude oil closed lower on Friday due to profit taking but remains above the 10 day moving average crossing at 73.56. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 75.24 are needed to confirm that a short term low has been posted. If October renews the decline off August’s high, May’s low crossing at 70
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Tags: crude oil trader, stochastics, target
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