April crude oil closed higher due to short covering on Thursday and above the 20 day moving average crossing at $42.72 confirming that a short term low has been posted.
The high range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends this week's rally, the reaction high crossing at $47.99 is the next upside target.
Closes below the 10 day moving average crossing at $40.58 would temper the near term friendly outlook in the market.
First resistance is today's high crossing at $45.30.
Second resistance is the reaction high crossing at $47.99.
First support is today's low crossing at $42.27.
Second support is the 10 day moving average support crossing at $40.58.
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