Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 75% retracement level of the April-July rally crossing at 80.32 is the next downside target. Closes above the 20-day moving average crossing at 81.97 are needed to confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 81.45.
Second resistance is the 20-day moving average crossing at 81.97.
First support is the 62% retracement level of the April-July rally crossing at 81.02.
Second support is the 75% retracement level of the April-July rally crossing at 80.32.
