Monday, November 16, 2009

Crude oil Monthly pivot support

Crude oil came down to the monthly pivot(yellow line marked P at $75.76) last friday and is bouncing off it. It was resistance there last summer, which now has turned into support. Watch the weekly Pivot at $77.54 for support this week and first resistance at wr1 @$79.51. Pivots are where pit traders look for entries and exits.