Crude oil traded higher overnight as it consolidates above the 20 day moving average crossing at 70.53. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If August extends this week's rally, this month's high crossing at 73.90 is the next upside target. Closes below Monday's low crossing at 68.36 are needed to confirm that a short term top has been posted.
Wednesday's pivot point, our line in the sand is 70.72
First resistance is Tuesday's high crossing at 73.38.
Second resistance is this month's high crossing at 73.90.
First support is the 10 day moving average crossing at 69.94.
Second support is Monday's low crossing at 68.36.
Today’s Stock Market Club Trading Triangles
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