Wednesday, February 25, 2009

Crude Oil Moves Back Above 20 Day Moving Average


April crude oil was higher overnight due to short covering as it consolidates some of Monday's decline.

Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at $42.69 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is Monday's high crossing at $41.49.

Second resistance is the 20 day moving average crossing at $42.69.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

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