Crude oil was lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If October extends the rally off August's low, the 62% retracement level of the decline off August's high crossing at 78.58 is the next upside target. Closes below the 20 day moving average crossing at 74.48 would confirm that a short term top has been posted.
First resistance is Monday's high crossing at 77.50
Second resistance is the 62% retracement level off August's high crossing at 78.58
Crude oil pivot point for Tuesday morning is 77.20
First support is the 20 day moving average crossing at 74.48
Second support is the reaction low crossing at 72.63
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