Crude Oil 58.8 Is the next donwside target

August crude oil was lower overnight and spiked below the 38% retracement level of the February-
June rally crossing at 62.25. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off last week's high, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20-day moving average crossing at 68.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 67.19. Second resistance is the 20-day moving average crossing at 68.98. First support is the overnight low crossing at 61.87. Second support is the 50% retracement level crossing at 58.58.