Crude Oil Higher On Short Covering, Still Below 10 Day Moving Average

April crude oil was higher overnight due to short covering but remains below the 10 day moving average crossing at $41.26.

Stochastics and the RSI have turned bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at $43.41 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the 10 day moving average crossing at $41.26.

Second resistance is the 20 day moving average crossing at $43.41.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.