Crude Oil enjoyed a rally on Friday but closed well off the highs of the day as the U.S. dollar gained strength against other currencies. The posting of an inside day consolidates some of Thursday's rally.
The low range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI are overbought making but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, January's high crossing at 56.86 is the next upside target.
Closes below the 20 day moving average crossing at 45.14 would temper the near
term friendly outlook in the market.
First resistance is Thursday's high crossing at 52.25.
Second resistance is the reaction's high crossing at 56.86.
First support is the 10 day moving average crossing at 47.56.
Second support is the 20 day moving average crossing at 45.14.
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