August crude oil closed lower due to profit taking on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral hinting that a short-term low might be in or is near. Closes above last Friday’s high crossing at 72.85 are needed to confirm that a short-term low has been posted. If August renews this week’s decline, the 38% retracement level of this spring’s rally crossing at 62.25 is the next downside target. First resistance is today’s high crossing at 71.29. Second resistance is last Friday’s high crossing at 72.85. First support is Tuesday’s low crossing at 66.37. Second support is the 38% retracement level of this spring’s rally crossing at 62.25.