Crude oil was steady to slightly higher due to light short covering overnight as it consolidates some of last 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 67.00 are needed to confirm that a short term low has been posted.
Monday's pivot point for crude oil, our line in the sand is 59.83
First resistance is the 10 day moving average crossing at 63.89
Second resistance is the 20 day moving average crossing at 67.00
First support is last Friday's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58
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