Crude oil closed lower due to profit taking on Monday as it consolidated some of last week’s rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 74.04 are needed to confirm that a short term low has been posted. If January resumes the decline off October’s high, the 87% retracement level of this fall’s rally crossing at 68.16 is the next downside target.
First resistance is the 20 day moving average crossing at 74.04
Second resistance is last Friday’s high crossing at 74.69.
First support is the 10 day moving average crossing at 71.51
Second support is last Monday’s low crossing at 68.59
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