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Wednesday, March 4, 2009
April Crude Oil Higher Overnight
April crude oil was higher overnight due to short covering as it consolidates some of Monday's decline.
Stochastics and the RSI are turning bearish hinting that sideways to lower prices are possible near term.
If April extends Monday's decline, February's low crossing at 37.12 is the next downside target.
Closes above last week's high crossing at 45.30 are needed to confirm that a short term low has been posted.
First resistance is the overnight high crossing at 43.57.
Second resistance is last week's high crossing at 45.30.
First support is Tuesday's low crossing at 39.44.
Second support is February's low crossing at 37.12.
10:30 AM ET. Feb 27 US Energy Dept Oil Inventories
Crude Oil Stocks (previous 351.3M)
Crude Oil Stocks (Net Change) (expected +900K; previous +700K)
Gasoline Stocks (previous 215.3M)
Gasoline Stocks (Net Change) (expected -1M; previous -3.4M)
Distillate Stocks (previous 141.6M)
Distillate Stocks (Net Change) (expected -1.4M; previous +800K)
Refinery Usage (expected 81.5%; previous 81.4%)
Labels:
bearish,
bullish,
Crude Oil,
Crude Oil Inventory,
Petrobras,
RSI,
Stochastics
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