June crude oil traded higher due to short covering overnight as it consolidates some of this week's decline. But has traded below 48.0 in pre market trading as financial's weigh on the overall markets.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If June extends this week's decline, the reaction low crossing at 45.11 is the next downside target.
Closes above the 20 day moving average crossing at 52.22 are needed to confirm that a short term low has been posted.
Traders appear to be focused on the 48.50 50% retracement level as their line in the sand.
First resistance is the 10 day moving average crossing at 51.43.
Second resistance is the 20 day moving average crossing at 52.22.
First support is the overnight low crossing at 48.02.
Second support is the reaction low crossing at 45.11.
10:30 AM ET. Apr 17..US Energy Dept Oil Inventories
....Crude Oil Stocks (previous 366.7M)
....Crude Oil Stocks(Net Change}(expected+2.5M;previous +5.6M)
....Gasoline Stocks(previous 216.5M)
....Gasoline Stocks(Net Change)(expected-900K;previous-900K)
....Distillate Stocks(previous 139.6M)
....Distillate Stocks(Net Change)(expected-900K;previous-1.2M)
....Refinery Usage(expected 81%;previous 80.4%)
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The June S&P 500 index was lower overnight as it consolidates some of Tuesday's rally. Once again it appears the markets are allowing the financial's to take the lead and poor earnings reports this morning from Morgan Stanley are weighing on the market.
Stochastics and the RSI are turning bearish signaling that a short term top appears to have been posted.
Closes below the 20 day moving average crossing at 831.56 are needed to confirm that a short term top has been posted.
If June renews the rally off March's low, January's high crossing at 937.00 is the next upside target.
Wednesday's pivot point, our line in the sand, is 840.
First resistance is last Friday's high crossing at 867.00.
Second resistance is January's high crossing at 937.00.
First support is the 20 day moving average crossing at 831.56.
Second support is the reaction low crossing at 802.60.
The June S&P 500 Index was down 3.70 points. at 844.00 as of 6:05 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.
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The June Dollar was lower due to light profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If June extends Monday's rally, the reaction high crossing at 88.26 is the next upside target. Closes below last Monday's low crossing at 84.72 would confirm that a short term top has been posted.
First resistance is Monday's high crossing at 87.22.
Second resistance is the reaction high crossing at 88.26.
First support is the 10 day moving average crossing at 85.94.
Second support is the 20 day moving average crossing at 85.61.
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