Crude oil closed higher due to short covering on Monday as it consolidates some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signal that sideways to lower prices are possible near term.
If March extends last week's decline, December's low crossing at 72.45 is the next downside target. Closes above the 20 day moving average crossing at 79.89 would confirm that a short term low has been posted.
Monday evening's daily pivot point is 74.89, weekly pivot is 76.01
First resistance is the 10 day moving average crossing at 78.53
Second resistance is the 20 day moving average crossing at 79.89
First support is last Friday's low crossing at 74.01
Second support is December's low crossing at 72.45
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