Crude oil was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI remain bullish signaling that additional short term gains are possible. Closes above the reaction high crossing at 75.72 are needed to confirm that a short term low has been posted and renew the rally off May's low.
If July renews the decline off April's high, weekly support crossing at 65.66 is the next downside target.
First resistance is last Friday's high crossing at 75.42.
Second resistance is Thursday's high crossing at 76.30.
Friday's pivot point is 75.17
First support is Monday's low crossing at 69.51.
Second support is May's low crossing at 67.15.
Get 10 Trading Lessons FREE....Courtesy of the MarketClub