April crude oil was lower overnight due to profit taking as it consolidates some of this week's rally but remains above the 20 day moving average crossing at $42.63.
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 $40.81 are needed to confirm that a short term top has been posted.
First resistance is Thursday's high crossing at $45.30. Second resistance is the reaction high crossing at $47.99.
First support is the 20 day moving average crossing at $42.63.
Second support is the 10 day moving average crossing at $40.82.
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