Crude Oil Closes Higher But Remains Bearish Near Term

March crude oil closed sharply higher due to short covering on Friday as it consolidated some of this week's decline.

Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If March extends this week's decline psychological support crossing at $30.00 is the next downside target.

The high range close sets the stage for a steady to higher opening on Tuesday.

Closes above the 20 day moving average crossing at $40.82 are needed to confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at $38.67.

Second resistance is the 20 day moving average crossing at $40.82.

First support is Thursday's low crossing at $33.55.

Second support is psychological support crossing at $30.00.