Crude Oil Closes Lower On Profit Taking, Higher Prices Possible Near Term

April crude oil closed lower on Thursday due to profit taking as it consolidated some of Wednesday's rally.

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

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.

Closes below Tuesday's low crossing at $39.44 would temper the near term friendly outlook in the market.

First resistance is Wednesday's high crossing at $45.76.

Second resistance is the reaction's high crossing at $47.99.

First support is the 10 day moving average crossing at $42.12.

Second support is Tuesday's low crossing at $39.44.