Crude oil closed lower on Tuesday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If August renews the decline off June's high, the 38% retracement level of this spring's rally crossing at 62.20 is the next downside target. Closes above the 20 day moving average crossing at 69.44 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 67.78
Second resistance is the 20 day moving average crossing at 69.44
First support is today's low crossing at 62.35
Second support is the 38% retracement level crossing at 62.20
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