Oil remains energised for next week

July crude oil closed higher on Friday and the high-range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.

If July extends the rally off April's low, the reaction high crossing at 61.33 is the next upside target. Closes below the 25% retracement level of the 2008-2009 decline crossing at 68.49 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 62.26. Second resistance is the 25% retracement level crossing at 68.49.

First support The 10-day moving average crossing at 59.88.
Second support The 20-day moving average crossing at 57.37.