Crude oil closed higher due to short covering on Wednesday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 67.43 would confirm that a short term top has been posted.
If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.
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 today's low crossing at 69.00
Second support is the 20 day moving average crossing at 67.43
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