Crude Oil Traders Take Profits Overnight

May crude oil was lower overnight due to profit taking as it consolidates some of Monday's rally.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $47.92 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at $54.05.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $49.75.
Second support is the 20 day moving average crossing at $47.92.

Key Oil Industry Market Events To Watch

4:30 PM ET. Mar 20....API Oil Industry Report

......................Crude Stocks (Net Change) (previous +4.66M)

......................Gasoline Stocks (Net Change) (previous +383K)

......................Distillate Stocks (Net Change) (previous +327K)

......................Refinery Runs (previous 82.3%)