Crude oil was higher due to short covering overnight as it consolidates some of this week's decline but remains below the 38% retracement level of the February-June rally crossing at 62.25. 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 off last week's high, 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 68.24 are needed to confirm that a short term low has been posted.
Thursday's pivot point, our line in the sand is 61.03
First resistance is the 10 day moving average crossing at 66.04
Second resistance is the 20 day moving average crossing at 68.24
First support is Wednesday's low crossing at 60.01
Second support is the 50% retracement level crossing at 58.58
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