April crude oil was higher overnight due to short covering as it consolidates some of Monday's decline.
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 $42.69 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 Monday's high crossing at $41.49.
Second resistance is the 20 day moving average crossing at $42.69.
First support is last Thursday's low crossing at $37.12.
Second support is psychological support crossing at $35.00.
No comments:
Post a Comment