March crude oil closed lower on Wednesday and the low range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are oversold but are turning bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at $40.46 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.
If March renews this month's decline, psychological support crossing at $30.00 is the next downside target.
First resistance is the 10 day moving average crossing at $37.57.
Second resistance is the 20 day moving average crossing at $40.14.
First support is last Thursday's low crossing at $33.55.
Second support is psychological support crossing at $30.00.
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