Technically speaking, crude faces technical barriers in the form of our new 2nd tier downtrend line along with 11/05 and 2009 highs. Furthermore, $80/bbl continues to serve as an important psychological level. As for the downside, crude multiple uptrend lines service as technical cushions along with 11/10 and 11/06 lows. Additionally, the psychological $75/bbl level could prove to be a psychological support should conditions deteriorate. Meanwhile, investors will receive weekly Unemployment Claims data tomorrow along with Crude Inventories. If both data points come in lighter than expected, this may provide crude futures with a bit of a boost to the topside, and vice versa.
Technically speaking, crude has our 1st tier uptrend line serving as a technical cushion once again along with 11/06 lows and the psychological $75/bbl level. As for the topside, crude faces previous 2009 highs. Meanwhile, crude's movement should follow the path of the Dollar for the most part until the wave of Chinese econ data late Tuesday EST.
Resistances: $80.43/bbl, $81.08/bbl, $81.61/bbl, $81.94/bbl
Supports: $79.82/bbl, $79.53/bbl, $78.79/bbl, $78.47/bbl,$77.98/bbl, $77.34/bbl
Psychological: 2009 highs, $80/bbl