April crude oil closed higher due to short covering on Wednesday and above the 10 day moving average crossing at $40.35 signaling that a short term low appears to have been posted.
The high range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at $42.76 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 $42.76.
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.
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