August crude oil - was slightly lower overnight as it consolidates below the 2% retracement level of the 2009-2012-rally crossing at 80.33. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. Closes above the 20-day moving average crossing at 82.86 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 82.86. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28. Continue reading "Energy Markets Morning Report"
