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Wednesday, March 18, 2009
Traders Taking Crude Oil Profits Overnight
April crude oil was lower overnight due to profit taking as it consolidates some of this week's rally.
Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $44.04 are needed to confirm that a short term top has been posted.
First resistance is Tuesday's high crossing at $49.82.
Second resistance is the reaction high crossing at $50.88.
First support is the 10 day moving average crossing at $46.26.
Second support is the 20 day moving average crossing at $44.04.
I would like to see 2 consecutive days of closing price above $50.88 to declare the trend has turned to the upside.
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