Crude Oil Slightly Higher Overnight On Short Covering

March crude oil was steady to slightly higher overnight due to short covering as it consolidates some of this week's decline.

Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If March extends the decline, psychological support crossing at $30.00 is the next downside target.

Closes above the 20 day moving average crossing at $40.66 are needed to confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a trend change has taken place.

First resistance is the 10 day moving average crossing at $38.36.

Second resistance is the 20 day moving average crossing at $40.66.

First support is Thursday's low crossing at $33.55.

Second support is psychological support crossing at $30.00.

Crude Oil Remains Oversold, Signals Bearish Prices Near Term

March crude oil closed lower on Thursday as it extends this week's decline and closed below psychological support crossing at $35.00.

If March extends this week's decline psychological support crossing at $30.00 is the next downside target.

The low range close sets the stage for a steady to lower opening on Friday.

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

Closes above the 20 day moving average crossing at $41.14 would confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at $39.12.

Second resistance is the 20 day moving average crossing at $41.14.

First support is today's low crossing at $33.85.

Second support is psychological support crossing at $30.00.

Crude Oil Testing First Support At $35.18

March crude oil was lower overnight as it extends this week's decline below December's low crossing at $38.00.

Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If March extends the decline, psychological support crossing at $35.00 is the next downside target.

Closes above the 20 day moving average crossing at $41.20 are needed to confirm that a short term low has been posted.

Closes above the reaction high crossing at $48.59 are needed to confirm that a trend change has taken place.

First resistance is the 10 day moving average crossing at $39.26.

Second resistance is the 20 day moving average crossing at $41.20.

First support is the overnight low crossing at $35.18.

Second support is psychological support crossing at $35.00.

Crude Oil Set To Open Lower On Thursday

March crude oil closed lower on Wednesday confirming yesterday's breakout below December's low crossing at $38.00.

The stage is set for a test of psychological support crossing at $35.00.

The low range close sets the stage for a steady to lower opening on Thursday.

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

Closes above the 20 day moving average crossing at $41.65 would temper the near term bearish outlook in the market.

Closes above the reaction high crossing at $48.59 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at $39.88.

Second resistance is the 20 day moving average crossing at $41.65.

First support is today's low crossing at $35.65.

Second support is psychological support crossing at $35.00.

Crude Oil Market Commentary For Friday Morning

Sorry we are late today as we experienced server problems this morning. Good luck in the markets today!

February crude oil was higher overnight due to short covering as it consolidates some of this month's decline.

Stochastics and the RSI remain bearish but are oversold hinting that a low might be near.

If February extends this month's decline, psychological support crossing at $30.00 is the next downside target.

Closes above the 10 day moving average crossing at $40.64 would signal that a short term low has likely been posted.

Closes above last Tuesday's high crossing at $50.47 are needed to renew the rally off December's low.

First resistance is the 10 day moving average crossing at $40.64. Second resistance is last Tuesday's high crossing at $50.47.

First support is Thursday's low crossing at $33.20.

Second support is psychological support crossing at $30.00.