Crude oil was steady to slightly lower overnight as it extends this week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If March extends this week's decline, the 75% retracement level of the aforementioned rally crossing at 75.46 is the next downside target. Closes above the 20 day moving average crossing at 80.05 are needed to confirm that a short term low has been posted.
Friday's pivot point, our line in the sand is 76.70
First resistance is the 10 day moving average crossing at 79.46
Second resistance is the 20 day moving average crossing at 80.05
First support is the overnight low crossing at 75.62
Second support is the 75% retracement level at 75.46
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