March crude oil closed sharply higher on Thursday and above the 10 day moving average crossing at $37.51 signaling that a short term low might be in place.
The high range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near term.
Closes above the reaction high crossing at $42.68 are needed to confirm that a short term low has been posted.
If March renews this month's decline, psychological support crossing at $30.00 is the next downside target.
First resistance is the 20 day moving average crossing at $39.93.
Second resistance is the reaction high crossing at $42.68.
First support is last Thursday's low crossing at $33.55.
Second support is psychological support crossing at $30.00.
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