March crude oil was steady to slightly higher overnight due to short covering as it consolidates below broken support marked by December's low, which crosses at $38.00.
Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at $39.75 are needed to confirm that a short term low has been posted.
If March extends this year's decline, psychological support crossing at $30.00 is the next downside target.
First resistance is the 10 day moving average crossing at $37.11. Second resistance is the 20 day moving average crossing at $39.75.
First support is last Thursday's low crossing at $33.55.
Second support is psychological support crossing at $30.00.
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