Crude oil was steady to slightly lower overnight but remains above the 50% retracement level of the December-January rally crossing at 77.41. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term.
If February extends this month's decline, the 62% retracement level of the aforementioned rally crossing at 75.85 is the next downside target. Closes above the 10 day moving average crossing at 80.00 are needed to confirm that a short term low has been posted.
Thursday's pivot point for crude oil is 78.08
First resistance is the 20 day moving average crossing at 79.59
Second resistance is the 10 day moving average crossing at 80.00
First support is Tuesday's low crossing at 77.07
Second support is the 62% retracement level of the December-January rally crossing at 75.85
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