April crude oil posted an inside day with a lower close on Friday as it consolidated some of this week's rally but remains above the 20 day moving average crossing at $42.66.
The high range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends this week's rally, the reaction high crossing at $47.99 is the next upside target.
Closes below the 10 day moving average crossing at $40.87 would temper the near term friendly outlook in the market.
First resistance is Thursday's high crossing at $45.30.
Second resistance is the reaction high crossing at $47.99.
First support is today's low crossing at $42.25.
Second support is the 10 day moving average support crossing at $40.87.
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