Pre market Monday morning May crude oil was already down 1.85 breaking through 1st support of 51.83. May crude oil closed lower on Friday due to profit taking as it consolidated some of this month's rally. The low range close set the stage for the lower opening we will get today.
Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 48.97 would confirm that a short term top has been posted.
If May extends this month's rally, January's high crossing at 58.31 is the next upside target.
First resistance is Thursday's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.
First support is the 10 day moving average crossing at 51.83.
Second support is the 20 day moving average crossing at 48.97.
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