May crude oil closed lower due to profit taking on Friday as it consolidated some of this month's rally. The low range close sets the stage for a steady to lower opening on Monday.
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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