Crude Oil Slightly Higher Overnight On Short Covering

March crude oil was steady to slightly higher overnight due to short covering as it consolidates some of this week's decline.

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

If March extends the decline, psychological support crossing at $30.00 is the next downside target.

Closes above the 20 day moving average crossing at $40.66 are needed to confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a trend change has taken place.

First resistance is the 10 day moving average crossing at $38.36.

Second resistance is the 20 day moving average crossing at $40.66.

First support is Thursday's low crossing at $33.55.

Second support is psychological support crossing at $30.00.