Unleaded gas closed higher on Tuesday as it extends the rally off December's low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If February extends this rally, October's high crossing at 213.53 is the next upside target. Closes below the 20 day moving average crossing at 195.81 are needed to confirm that a short term top has been posted.
First resistance is today's high crossing at 212.70
Second resistance is October's high crossing at 213.53
First support is the 10 day moving average crossing at 202.09
Second support is the 20 day moving average crossing at 195.81
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