September crude oil closed higher [107.38] on Tuesday. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If September extends the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. Closes below the 20 day moving average crossing at 102.75 would confirm that a short term top has been posted.
First resistance is last Friday's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is the 10 day moving average crossing at 106.33. Second support is the 20 day moving average crossing at 102.75.
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