Crude Oil Trading Higher, Is $70 Our Near Term High

Crude oil was higher overnight as it consolidates around the 25% retracement level of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

As of 8:51 a.m. eastern standard time Globex traders were trading crude oil at 69.34, very close today's first resistance.

Closes below the 20 day moving average crossing at 63.71 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Tuesday's pivot point, our line in the sand is 67.94

First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 67.23
Second support is the 20 day moving average crossing at 63.71

4:30 AM ET. June 5 API Oil Industry Report

....Crude Stocks (Net Change) (previous -828K)

....Gasoline Stocks (Net Change) (previous +99K)

....Distillate Stocks (Net Change) (previous +3.44M)

....Refinery Runs (previous 82.9%)

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