Crude Oil - Weekly Technical Outlook – July 6, 2010
FMX | Connect – www.fmxconnect.com- (Reported 7/6/10)
Chart 1: Front Month Crude (short-term analysis):
Weekly Outlook:
Traders will be monitoring $75.40 resistance and $69.51 support. If price action is positive, look for a solid close above 100-day moving average. If negative, look for a close below $69.51
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Technical Statistics:
| Crude Oil August 2010 (NYMEX) | | |
| | | | | |
| Date | Open | High | Low | Last | Change |
| 7/5/2010 | 72.06 | 72.7 | 71.09 | 71.39 | -0.75 |
| | | | | |
| Period | Moving Average | Price Change | Percent Change | Average Volume |
| 5-Day | 72.77 | -4.38 | -5.77% | 259,033 | |
| 20-Day | 76.14 | -1.5 | -2.05% | 241,024 | |
| 50-Day | 77.61 | -16.39 | -18.64% | 157,346 | |
| 100-Day | 80.69 | -6.07 | -7.82% | 89,761 | |
| 200-Day | 80.3 | -5.21 | -6.79% | 46,261 | |
| Year to Date | 80.52 | -10.97 | -13.29% | 71,182 | |
| | | | | |
| Period | Raw Stochastic | Stochastic %K | Stochastic %D | Average True Range |
| 9-Day | 2.74% | 11.18% | 23.32% | 2.18 | |
| 14-Day | 2.56% | 12.64% | 27.69% | 2.27 | |
| 20-Day | 2.56% | 18.41% | 36.86% | 2.31 | |
| | | | | |
| Period | Relative Strength | Percent R | Historic Volatility | MACD Oscillator |
| 9-Day | 28.87%% | 97.26%% | 27.98%% | -3.07% | |
| 14-Day | 35.10%% | 97.44%% | 24.03%% | -4.14% | |
| 20-Day | 38.15%% | 97.44%% | 28.06%% | -4.39% | |
| 50-Day | 43.41%% | 86.97%% | 32.70%% | -5.86% | |
| 100-Day | 46.64%% | 86.97%% | 27.91%% | -8.94% | |
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Chart 2: Front Month Crude (long-term analysis):
Long-Term Outlook:
Last week, crude failed to retake the 50-day moving average. If price cannot manage to stay above the bottom line of the secondary channel (dotted pink line), expect to see downside price action.
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