April crude oil closed lower due to profit taking on Wednesday as it consolidates some of its recent rally.
The low range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at $42.27 would temper the near term friendly outlook in the market.
If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.
First resistance is Monday's high crossing at $48.83.
Second resistance is the reaction's high crossing at $50.88.
First support is the 20 day moving average crossing at $42.27.
Second support is the reaction low crossing at $39.44.
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