Crude oil closed lower on Friday as it extended this week's decline. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.56 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 65.04
Second resistance is the 20 day moving average crossing at 67.56
First support is today's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58
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