April crude oil closed higher on Tuesday due to short covering as it consolidated some of Monday's decline and closed above the 10 day moving average crossing at $41.01.
The high range close sets the stage for a steady to lower opening on Wednesday.
Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.
Closes above last week's high crossing at $45.30 are needed to signal that a larger degree rally into March is unfolding.
Closes below February's low crossing at $37.12 would renew this year's decline while opening the door for a possible test of psychological support crossing at $35.00 later this year.
First resistance is the 20 day moving average crossing at $42.26.
Second resistance is last Thursday's high crossing at $45.30.
First support is today's low crossing at $39.44.
Second support is February's support crossing at $37.12.
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