Crude oil was higher due to short covering overnight as it consolidates some of this month'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 crude extends the decline, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 66.46 are needed to confirm that a short term low has been posted.
Tuesday's pivot point, our line in the sand is 59.68
First resistance is the 10 day moving average crossing at 62.94
Second resistance is the 20 day moving average crossing at 66.46
First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97
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