Crude oil was higher overnight as it extends the current narrow trading range, which began last Thursday. Stochastics and the RSI are turning neutral to bullish with the overnight rally hinting that sideways to higher prices are possible near term.
If July resumes this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 68.46 are needed to confirm that a short term top has been posted.
Friday's pivot point for crude oil is 71.10
First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38
First support is Wednesday's low crossing at 69.00
Second support is the 20 day moving average crossing at 68.46
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