Crude oil was slightly higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off last week's high, the 38% retracement level of the February-June rally crossing at 62.25 is the next downside target. Closes above the 20 day moving average crossing at 69.54 are needed to confirm that a short term low has been posted.
Tuesday's pivot point for crude oil, our line in the sand is 64.38
First resistance is the 10 day moving average crossing at 67.98
Second resistance is the 20 day moving average crossing at 69.54
First support is Monday's low crossing at 63.40
Second support is the 38% retracement level crossing at 62.25
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