Crude oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off last week's low. The low range close sets the stage for a steady to lower opening on Wednesday.
Despite today's setback stochastics and the RSI remain 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 73.38
Second resistance is this month's high crossing at 73.90
First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25
No comments:
Post a Comment