March crude oil was steady to slightly higher overnight due to short covering as it consolidates some of Tuesday's decline.
Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at $40.16 are needed to confirm that a short term low has been posted.
If March extends this year's decline, psychological support crossing at $30.00 is the next downside target.
First resistance is the 10 day moving average crossing at $37.61.
Second resistance is the 20 day moving average crossing at $40.16.
First support is last Thursday's low crossing at $33.55.
Second support is psychological support crossing at $30.00.
4:30 PM ET. Feb 13 API Oil Industry Report
Crude Stocks (Net Change) (previous +1.99M)
Gasoline Stocks (Net Change) (previous -2.92M)
Distillate Stocks (Net Change) (previous -853K)
Refinery Runs (previous 81.9%)
