August crude oil closed higher on Monday as it extends the rebound off last week's low. The high range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 72.85 are needed to confirm that a short term low has been posted.
If August renews last week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.
First resistance is today's high crossing at 71.92
Second resistance is the reaction high crossing at 72.85
First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level of this spring's rally crossing at 62.25
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