Crude oil closed lower due to profit taking on Wednesday as it extended Tuesday's decline. The low range close sets the stage for a steady to lower opening on Thursday.
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 crude oil 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 Tuesday'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
4 FREE Videos for INO TV! Click Here
No comments:
Post a Comment