Crude oil closed slightly higher due to light short covering on Thursday as it consolidates below the 38% retracement level of this spring's rally crossing at 62.20. The mid range close sets the stage for a steady opening on Friday. 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 June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.20 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 65.96
Second resistance is the 20 day moving average crossing at 68.20
First support is today's low crossing at 59.25
Second support is the 50% retracement level crossing at 58.58
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