Crude oil posted a key reversal down on Friday and closed below the 10 day moving average crossing at 70.72 signaling that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 68.33 are needed to 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 68.90
Second support is the 20 day moving average crossing at 68.33
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