Pivotal Day For Crude Oil, Short Term Top May Be In

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.