April crude oil posted an inside day with a lower close on Wednesday as it consolidated some of this week's rally.
The high range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $44.03 would temper the near term friendly outlook in the market.
First resistance is Tuesday's high crossing at $49.82.
Second resistance is the reaction's high crossing at $50.88.
First support is the 10 day moving average crossing at $46.24.
Second support is the 20 day moving average crossing at $44.03.
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