Crude oil was lower overnight as it extends this week's decline. 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, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.55 are needed to confirm that a short term low has been posted.
Friday's pivot point, our line in the sand is 60.45
First resistance is 61.65, second resistance is 62.82
First support is 59.28, second support is 58.08
Today’s Stock Market Club Trading Triangles
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