Crude Oil Stochastics and RSI Hinting Short Term Top

Crude oil was higher overnight as the U.S. Dollar was slightly lower on a small bullish bounce in the Euro. Stochastics and the RSI are diverging and are bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 66.96 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.

Crude oil's pivot point, the line in the sand is 70.85

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.99
Second support is the 20 day moving average crossing at 66.96

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Natural gas was higher overnight as it extends Monday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If July extends the overnight rally, the reaction high crossing at 4.284 is the next upside target.

The natural gas pivot point for Tuesday is 4.07

First resistance is the overnight high crossing at 4.257
Second resistance is the reaction high crossing at 4.284

First support is the 10 day moving average crossing at 3.884
Second support is last Thursday's low crossing at 3.550

How Can You Tap Into Oil's Potential?

Dan Dicker of The Street .Com breaks down crude's recent run up and reveals two stocks that could pop, if oil pushes even higher.

No Crude Oil Chart Damage, Bulls Still Have Near Term Advantage

Crude oil closed lower, down $1.44 at $70.60 a barrel today. Prices closed nearer the session low on profit taking pressure. But no chart damage occurred today. A solidly higher U.S. dollar and lower stock indexes pressured crude oil today and crude oil bulls still have the near term technical advantage. A seven week old uptrend is still in place on the daily bar chart.

Natural gas closed up 32.4 cents at $4.181 today. Prices closed nearer the session high today on more short covering and fresh speculative buying. The key "outside markets" were fully bearish for the natural gas futures market today, as the U.S. stock indexes were sharply lower and crude oil prices were lower. Yet, natural gas rallied anyway, which is a bullish clue. Bears still have the overall near term technical advantage.

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July heating oil closed down 216 points at $1.8159 today. Prices closed near mid range today and were pressured on profit taking. Bulls still have the near term technical advantage.

Unleaded gasoline closed up 162 points at $2.0593 today. Prices closed near the session high today. Bulls still have the solid near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.15

Oil Falls Below $70 on Rising Dollar, OPEC Oil Price Inches Downwards

"Oil Falls Below $70 as Rising Dollar Dulls Hedging Interest"
Oil dropped below $70 a barrel as the dollar rose the most against the euro since April, limiting investors’ need to use commodities as an inflation hedge. Crude declined as the U.S. Dollar Index, which tracks the currency against six others, rose as much as 1.5 percent, after Russian Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency. Oil also weakened as a report showed manufacturing in the New York region contracted for a 14th month and equities retreated in the U.S., Europe and Asia.....Complete Story

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"OPEC Oil Price Inches Downwards From Eight Month High"
The basket price of the Organization of the Petroleum Exporting Countries (OPEC) on Friday retreated slightly from its eight months high but stayed above $70 last Friday, the Vienna based group announced Monday.One barrel (159 liters) of OPEC produced crude oil stood at $70.45 Friday, down from $70.87 on the previous day, when the price had reached its highest level since mid October of last year.
The cartel produced 33.9 percent of the world's oil supply in May, according to OPEC's latest market report.....Complete Story

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Weaker Euro Sends Crude Oil Lower, Dollar Higher

Crude oil was lower overnight due to profit taking and a weaker Euro as it consolidates some of this spring's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.

Day traders may start the regular trading session neutral as they watch the SP 500 closely to see if it will continue trading at the bottom of it's current bullish channel or if we get a serious break out to the downside. If we trade sharply below the channel crude oil will be sure to follow.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 66.38 are needed to confirm that a short term top has been posted.

Monday's pivot point for crude oil is 71.82. Below that we are bearish, above the pivot we will play the bullish side.

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.73
Second support is the 20 day moving average crossing at 66.38

NYMEX Crude Oil 30 Minute Weekly Chart

NYMEX Crude Oil 30 Minute Weekly Chart, July 2009

Click on chart to enlarge.....



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Oil and Gasoline Fall, OPEC: Worst Appears Over, Marginal Producers Hurt

"Oil, Gasoline, Fall on Record European Industrial Output Drop"
Crude oil and gasoline fell for the first time in four days as a record plunge in European industrial production prompted speculation that bets on an economic recovery are premature. Futures dropped from a seven month high after a report showed that output in the euro region declined 21.6 percent from a year earlier. The dollar strengthened, undermining the attractiveness of commodities as an alternative investment. OPEC said members raised production in May for a second month, straying further from quotas.....Complete Story

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"OPEC: Worst Appears Over As Quarterly Demand Seen Growing"
The Organization of Petroleum Exporting Countries said the worst may be over for oil markets, slightly upgrading its third quarter demand forecast as Asian appetite restores quarterly growth after months of decline. In its June report, OPEC said, "In light of the considerable challenges the world economy and commodity markets, particularly the oil market, have undergone, the worst appears to be behind us."
It added that a "gradual recovery in demand is expected by the end of the year," with third quarter.....Complete Story

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"U.S. Marginal Producers Hurt After Oil’s Drop, Bernstein Says"
U.S. onshore marginal oil and natural gas producers are still suffering after prices fell below their break even level, Sanford C. Bernstein & Co. said. Between November and May, oil averaged $48 a barrel, around break even points for marginal producers, while gas prices are still too low to cover outlays, Bernstein said in a report dated today. “This means that declines in onshore U.S. production from shut ins and accelerated decline rates will continue for some time, despite the oil price having recovered.....Complete Story

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Natural Gas Closes Lower Posting an Inside Day

Crude oil closed lower due to profit taking on Friday as it consolidated some of this spring's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.67 would confirm that a short term top has been posted.

First resistance is Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.46
Second support is the 20 day moving average crossing at 65.67

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Natural gas posted an inside day with a lower close on Friday as it consolidated some of Thursday's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If July extends Thursday's rally, the reaction high crossing at 4.284 is the next upside target. If July renews the decline off May's high, April's low crossing at 3.395 is the next downside target.

First resistance is Thursday's high crossing at 4.068
Second resistance is the reaction high crossing at 4.29

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

“How Low Can The Dollar Go”

The U.S. Dollar closed higher on Friday due to short covering as it consolidated some of this week's losses. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near term.

If June extends this week's decline, the reaction low crossing at 78.18 is the next downside target.

If June renews the rally off last week's low, the reaction high crossing at 83.33 is the next upside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.18

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New Video: Crude Oil - The New World Currency

Today we’re taking a look into crude oil (NYMEX_CL) market. This market has rapidly become the world currency of choice for many countries. What do we mean by that? With the dollar going down in value, it automatically pushes the value of crude oil higher.

We analyze the July electronic contract for crude oil (NYMEX_CLN09.E) using some very simple tools that you can pull into your own trading. We’ve used our Fibonacci measurement tool as well as a classic chart pattern that has been around for over half a century.

So take a few minutes and see what the crude oil buzz is all about and if it’s really is going to go to a $100 a barrel.



Of course the video is free to watch and there is no need to register. Please feel free to leave a comment and let our readers know where you think crude oil is headed.

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Crude Oil Lower, Consolidates Some Of This Week's Rally

New Video Crude Oil, The New World Currency

Crude oil was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.64 are needed to confirm that a short term top has been posted.

Crude oil's pivot point for Friday is 72.35

First resistance is Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.41
Second support is the 20 day moving average crossing at 65.64

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Natural gas was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If July extends Thursday's rally, the reaction high crossing at 4.284 is the next upside target.

First resistance is Thursday's high crossing at 4.07
Second resistance is the reaction high crossing at 4.28

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

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The Dollar was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. If June extends this week's decline, the reaction low crossing at 78.37 is the next downside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.37

Natural Gas Closes Above 20 Day, Short Term Low Is Posted

Crude oil closed higher on Thursday as it extends this spring's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.03 would confirm that a short term top has been posted.

First resistance is today's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.89
Second support is the 20 day moving average crossing at 65.03

Today’s Stock Market Club Trading Triangles

Natural Gas closed higher on Thursday and above the 20 day moving average crossing at 3.919 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If July extends today's rally, the reaction high crossing at 4.284 is the next upside target.

If July extends the decline off May's high, April's low crossing at 3.395 is the next downside target.

First resistance is today's high crossing at 4.07
Second resistance is the reaction high crossing at 4.29

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

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The U.S. Dollar closed lower on Thursday and below support marked by the 10 day moving average crossing at 79.74. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near term.

If June extends this week's decline, the reaction low crossing at 78.18 is the next downside target. If June renews the rally off last week's low, the reaction high crossing at 83.33 is the next upside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is today's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.18

Oil Tops $73, ExxonMobil Discussing TransCanada Pipeline, BP Exec. "Gas Has Peaked"

"Oil Tops $73, Gasoline Rises to 8 Month High, on Demand Outlook"
Crude oil climbed above $73 a barrel and gasoline jumped to an eight month high after the International Energy Agency raised its global demand forecast. The IEA, adviser to 28 nations, increased its consumption outlook for the first time since August amid signs the recession is bottoming out. Nouriel Roubini, the New York University professor who predicted the financial crisis, said crude will likely rise to $100 a barrel next year. Oil also advanced as equities rose on lower jobless claims in the U.S. “Futures are forward looking and the market is discounting any present difficulties,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant.....Complete Story

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"ExxonMobil Enters Talks to Help Build Alaska Gas Pipeline"
ExxonMobil is in discussions with TransCanada to help it build a massive pipeline to move natural gas from the North Slope of Alaska to U.S. markets, according to a source familiar with the deal. The move could undermine a competing effort by ConocoPhillips and BP. Irving based Exxon would not be just a passive customer of the pipeline, which could cost as much as $30 billion and run 1,700 miles, but would likely be involved in the design and construction, according to the source. Exxon has deep expertise with large construction projects, including in harsh climates like Alaska.....Complete Story

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"BP Says Demand for Oil in U.S. Gasoline Market Peaked"
BP Plc Chief Executive Officer Tony Hayward said demand for oil coming from the U.S. gasoline market “has probably peaked” as ethanol blending gains ground and Congress works on enforcing fuel efficiency. The U.S. has the potential to offset future higher energy demand with efficiency measures over the next 10 years, Hayward said at a presentation of BP’s Statistical Review of World Energy yesterday in London. At the same time, investment in more biofuel production and the possible end of ethanol import restrictions.....Complete Story

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Crude Oil Rally Slowed By Rising U.S. Dollar

Crude oil was higher overnight as it extends this week's rally above the 25% retracement level of the 2008-2009 decline crossing at 68.49 but was slowed Thursday morning as the U.S. Dollar rose sharply against the Japanese Yen. Stochastics and the RSI are diverging but are also bullish signaling that additional gains are possible.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.00 are needed to confirm that a short term top has been posted.

Thursday's pivot point for crude oil, our line in the sand is 71.24

First resistance is the overnight high crossing at 72.30
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.82
Second support is the 20 day moving average crossing at 65.00

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The U.S. Dollar was lower overnight as it consolidates some of the rally off last week's low. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. Closes below the 10 day moving average crossing at 79.78 would temper the near term friendly outlook in the Dollar.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is Wednesday's low crossing at 79.48
Second support is last Tuesday's low crossing at 78.37

”Talking Stock Charts”

Natural gas was higher overnight due to short covering as it consolidates below the 10 day moving average crossing at 3.855. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.908 would signal that a short term low has been posted. Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.

Thursday's pivot point for natural gas is 3.74

First resistance is the 10 day moving average crossing at 3.86
Second resistance is the 20 day moving average crossing at 3.90

First support is last Thursday's low crossing at 3.55
Second support is the reaction low crossing at 3.50

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Today’s Stock Market Club Trading Triangles

Crude Oil High Range Close Sets Up Possible Higher Open Thursday

Crude Oil closed higher on Wednesday as it extended the Tuesday's rally above the 25% retracement level of the 2008-2009 decline crossing at 68.49. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are overbought, diverging but are turning bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 64.34 would confirm that a short term top has been posted.

First resistance is today's high crossing at 71.79
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.12
Second support is the 20-day moving average crossing at 64.34

New Video:The #1 Predictor of Inflation or Deflation.

Natural Gas closed slightly lower on Wednesday as it extends this week's decline. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above the 20 day moving average crossing at 3.945 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.88
Second resistance is the 20 day moving average crossing at 3.95

First support is last Thursday's low crossing at 3.55
Second support is the reaction low crossing at 3.50

Trading Video: “How Low Can The Dollar Go”

The U.S. Dollar closed sharply higher on Wednesday as it consolidated some of Tuesday's decline. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible near term.

If June extends the rebound off last week's low, the reaction high crossing at 83.33 is the next upside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is today's low crossing at 79.48
Second support is last Tuesday's low crossing at 78.18

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Today’s Stock Market Club Trading Triangles

Crude Oil Sharply Higher, Above 25% Retracement

Crude oil was higher overnight as it extends this week's rally above the 25% retracement level of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are diverging but are also turning neutral to bullish signaling that additional gains are possible.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 64.34 are needed to confirm that a short term top has been posted.

Crude oil's pivot point for Wednesday, our line in the sand is 69.91

First resistance is the overnight high crossing at 71.65
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.12
Second support is the 20 day moving average crossing at 64.34

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The U.S. Dollar was slightly lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. Closes below the 10 day moving average crossing at 79.78 would temper the near term friendly outlook in the Dollar.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is the overnight low crossing at 79.48
Second support is last Tuesday's low crossing at 78.37

Trading Video “How Low Can The Dollar Go”

Natural gas was higher in overnight trading due to short covering as it consolidates below the 10 day moving average crossing at 3.890. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.951 would signal that a short term low has been posted. Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.

Natural gas pivot point for Wednesday is 3.75

First resistance is the 10 day moving average crossing at 3.89
Second resistance is the 20 day moving average crossing at 3.95

First support is last Thursday's low crossing at 3.55
Second support is the reaction low crossing at 3.50

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Dollar Closes Below 10 Day Moving Average, Sets Up Higher Open For Crude Oil Wednesday

Crude oil closed higher on Tuesday and above the 25% retracement level of the 2008-2009 decline crossing at 68.49. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are overbought, diverging but are turning neutral signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 63.77 would confirm that a short term top has been posted.

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 67.34.
Second support is the 20 day moving average crossing at 63.77.

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The U.S. Dollar closed sharply lower on Tuesday due to profit taking as it consolidated some of the rally off last week's low. The low range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible near term. However, today's close below the 10 day moving average crossing at 79.85 tempers the near term friendly outlook in the market.

If June extends the rebound off last week's low, the reaction high crossing at 83.33 is the next upside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is today's low crossing at 79.70
Second support is last Tuesday's low crossing at 78.18

Video: “How Low Can The Dollar Go”

Natural gas closed slightly higher on Tuesday due to light short covering as it consolidated some of Monday's decline. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above the 20 day moving average crossing at 3.988 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.871
Second resistance is the 20 day moving average crossing at 3.988

First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500

Crude Oil Closes Above $70, First Time Since November

"Crude Oil Rises for First Time in Three Days on Dollar Decline"
Crude oil rose for the first time in three days as the dollar fell against the euro, bolstering the appeal of energy and metals as an alternative investment. Oil advanced more than 3 percent as rising stock prices reduced the need for holding the U.S. currency as a refuge. The U.S. Energy Department will probably report tomorrow that refiners boosted operating rates to meet summer gasoline demand, according to a Bloomberg News survey.....Complete Story


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"Economy, Higher Oil Prices May Restart Shelved Projects"
A rebound in oil prices and signs of economic recovery are renewing interest in exploration and production, but producers are still wary of volatility and determined to cut construction and service costs, which surged last year after oil prices spiked to record levels. Crude oil prices have risen back above $60 a barrel, from a low of around $42 earlier this year, and are expected to rise further in the next few years as supply.....Complete Story

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"U.S. Senate Panel Approves More Offshore Drilling"
A U.S. Senate panel approved expansion of offshore oil and natural gas drilling, opening more of the eastern Gulf of Mexico to energy development. The Senate Energy and Natural Resources Committee voted 13-10 today in favor of an amendment to expand drilling, as part of its debate over pending energy legislation. Former President George W. Bush removed a presidential moratorium on offshore drilling last year, and Congress let a ban expire after oil prices reached a record $147.27 a barrel. The amendment.....Complete Story

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Lower Prices Still Possible For Natural Gas

Natural gas was higher in overnight trading Monday night as it consolidated below the 10 day moving average crossing at 3.875. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.990 would signal that a short term low has been posted.

Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.

Tuesday's pivot point for natural gas is 3.76

First resistance is the 10 day moving average crossing at 3.875
Second resistance is the 20 day moving average crossing at 3.990

First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500

Today’s Stock Market Club Trading Triangles

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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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