Crude Oil Higher Overnight, Falling At Friday's Open

May crude oil was higher overnight as it extends Thursday's rally above the 10 day moving average crossing at 51.95.

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If May extends this week's rally, the reaction high crossing at 54.66 then January's high crossing at 58.31 are the next downside targets.

Closes below Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is the 20 day moving average crossing at 50.23.
Second support is Wednesday's low crossing at 47.26.

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The June Dollar was steady to slightly lower overnight as it extends Thursday's decline below the 10 day moving average crossing at 85.05.

Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term.

Multiple closes below the 10 day moving average crossing at 85.05 would temper the near term friendly outlook in the market.

Closes above Monday's high crossing at 86.61 are needed to confirm that a short-term low has been posted.

First resistance is the 20 day moving average crossing at 86.09.
Second resistance is Monday's high crossing at 86.61.

First support is Thursday's low crossing at 84.46.
Second support is March's low crossing at 83.14.