Crude oil was steady to slightly higher overnight as it extends last week’s rally. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near term.
If October extends last week’s rally, June’s high crossing at 75.27 is the next upside target. Closes below last Monday’s low crossing at 67.42 would confirm that a top has been posted.
Monday’s pivot point, our line in the sand is 73.55
First resistance is last Friday’s high crossing at 74.72
Second resistance is June’s high crossing at 75.27
First support is the 10 day moving average crossing at 71.99
Second support is the 20 day moving average crossing at 71.69
