March crude oil was lower overnight as it consolidates some of Thursday's rally but remains above the 10 day moving average crossing at $37.18.
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 $39.66 are needed to confirm that a short term low has been posted.
If March renews this year's decline, psychological support crossing at $30.00 is the next downside target.
First resistance is the 20 day moving average crossing at $39.66.
Second resistance is the reaction high crossing at $42.68.
First support is last Thursday's low crossing at $33.55.
Second support is psychological support crossing at $30.00.
1 comment:
Bulls don't look like they are stepping in. Thursday rally must be a one and done. I am not ready to take a short position here but am looking for a chance to buy a pullback on DXO or UCO. We are down $2.23 right now.
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