April crude oil was lower overnight due to profit taking as it consolidates some of Wednesday's rally.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.
Closes below Tuesday's low crossing at $39.44 are needed to confirm that a short term top has been posted.
First resistance is Wednesday's high crossing at $45.70.
Second resistance is February's high crossing at $47.99.
First support is the 20 day moving average crossing at $42.32.
Second support is Tuesday's low crossing at $39.44.
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