Crude oil closed slightly lower due to profit taking on Tuesday as it consolidated some of this spring's rally. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near.
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. Closes below the 20 day moving average crossing at 66.90 would confirm that a short term top has been posted.
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 the 10 day moving average crossing at 69.87
Second support is the 20 day moving average crossing at 66.90
Today’s Stock Market Club Trading Triangles
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