Crude oil was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 67.38 are needed to confirm that a short term top has been posted.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Wednesday's pivot point, our line in the sand is 70.94
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 overnight low crossing at 69.66
Second support is the 20 day moving average crossing at 67.38
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