Tuesday's Short Covering Has Crude Oil Closing Higher

April crude oil closed higher due to short covering on Tuesday as it extends last week's trading range.

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

Stochastics and the RSI have turned bullish hinting that sideways to higher prices are possible near term.

Closes above the reaction high crossing at $47.99 are needed to confirm that a short term low has been posted.

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

First resistance is the 20 day moving average crossing at $42.90.

Second resistance is the reaction high crossing at $47.99.

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

Second support is psychological support crossing at $35.00.