Sorry we are late today as we experienced server problems this morning. Good luck in the markets today!
February crude oil was higher overnight due to short covering as it consolidates some of this month's decline.
Stochastics and the RSI remain bearish but are oversold hinting that a low might be near.
If February extends this month's decline, psychological support crossing at $30.00 is the next downside target.
Closes above the 10 day moving average crossing at $40.64 would signal that a short term low has likely been posted.
Closes above last Tuesday's high crossing at $50.47 are needed to renew the rally off December's low.
First resistance is the 10 day moving average crossing at $40.64. Second resistance is last Tuesday's high crossing at $50.47.
First support is Thursday's low crossing at $33.20.
Second support is psychological support crossing at $30.00.
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