May crude oil closed higher on Monday as it follows the rally in stocks on hopes of future demand increases, extending this month's rally.
The high range close sets the stage for a steady to higher opening on Tuesday even though futures are done has of the time of this post.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If May extends this month's rally, January's high crossing at $58.31 is the next upside target.
Closes below the 20 day moving average crossing at $47.38 would confirm that a short term top has been posted.
First resistance is today's high crossing at $54.05.
Second resistance is January's high crossing at $58.31.
First support is the 10 day moving average crossing at $49.09.
Second support is the 20 day moving average crossing at $47.38.
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