Crude oil was lower overnight as it extends last week’s decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If November extends this decline, July’s low crossing at 61.38 is the next downside target. Closes above the 20 day moving average crossing at 69.89 are needed to confirm that a short term low has been posted.
Monday’s pivot point, our line in the sand is 66.05
First resistance is the 20 day moving average crossing at 69.89
Second resistance is the reaction high crossing at 73.58
First support is last Friday’s low crossing at 65.05
Second support is July’s low crossing at 61.38
