Crude Oil Remains Oversold, Signals Bearish Prices Near Term

March crude oil closed lower on Thursday as it extends this week's decline and closed below psychological support crossing at $35.00.

If March extends this week's decline psychological support crossing at $30.00 is the next downside target.

The low range close sets the stage for a steady to lower opening on Friday.

Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

Closes above the 20 day moving average crossing at $41.14 would confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at $39.12.

Second resistance is the 20 day moving average crossing at $41.14.

First support is today's low crossing at $33.85.

Second support is psychological support crossing at $30.00.