Crude oil was lower due to profit taking overnight and trading below the 10 day moving average crossing at 69.33 tempering the near term friendly outlook. Stochastics and the RSI are turning bearish again signaling that sideways to lower prices are possible near term.
Closes below the reaction low crossing at 66.37 would renew the decline off June's high while opening the door for a possible test of the 38% retracement level of the February-June rally crossing at 62.25.
If August renews the rally off June's low, June's high crossing at 73.90 is the next upside target.
Thursday's pivot point, our line in the sand is 69.86
First resistance is the 20 day moving average crossing at 70.33
Second resistance is Tuesday's high crossing at 73.38
First support is the overnight low crossing at 67.72
Second support is the reaction low crossing at 66.37
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