Crude Oil Closes Higher, Set For A Possible Higher Opening On Monday

April crude oil closed higher on Friday and is poised to extend the rally off February's low.

The high range close sets the stage for a steady to higher opening on Monday.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.

Closes below Tuesday's low crossing at $39.44 would temper the near-term friendly outlook in the market.

First resistance is Wednesday's high crossing at $45.76.

Second resistance is the reaction's high crossing at $47.99.

First support is the 20 day moving average crossing at $42.28.

Second support is Tuesday's low crossing at $39.44.

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Crude Oil Pushing To Rally Friday Morning Along Side Equities

April crude oil was higher overnight as it consolidates above the 20 day moving average crossing at $42.23.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.

Closes below Tuesday's low crossing at $39.44 are needed to confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at $45.70.

Second resistance is February's high crossing at $47.99.

First support is the 10 day moving average crossing at $42.60.

Second support is Tuesday's low crossing at $39.44.

Crude Oil Closes Lower On Profit Taking, Higher Prices Possible Near Term

April crude oil closed lower on Thursday due to profit taking as it consolidated some of Wednesday's rally.

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

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.

Closes below Tuesday's low crossing at $39.44 would temper the near term friendly outlook in the market.

First resistance is Wednesday's high crossing at $45.76.

Second resistance is the reaction's high crossing at $47.99.

First support is the 10 day moving average crossing at $42.12.

Second support is Tuesday's low crossing at $39.44.

Crude Oil Lower Overnight On Profit Taking, Higher Prices Still Possible Near Term

April crude oil was lower overnight due to profit taking as it consolidates some of Wednesday's rally.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.

Closes below Tuesday's low crossing at $39.44 are needed to confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at $45.70.

Second resistance is February's high crossing at $47.99.

First support is the 20 day moving average crossing at $42.32.

Second support is Tuesday's low crossing at $39.44.

Crude Oil Closes Higher At $45.38, Above Previous High Crossing

April crude oil closed higher on Wednesday and spiked above the previous reaction high crossing at $45.30.

The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above last week's high crossing at $45.30 are needed to signal that a larger degree rally into March is unfolding.

Closes below February's low crossing at $37.12 would renew this year's decline while opening the door for a possible test of psychological support crossing at $35.00 later this year.

First resistance is last week's high crossing at $45.30.

Second resistance is today's high crossing at $45.76.

First support is today's low crossing at $41.04.

Second support is Tuesday's low crossing at $39.44.

NYMEX Crude Up On Surprise EIA Draw, China Stimulus Boost

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April Crude Oil Higher Overnight

April crude oil was higher overnight due to short covering as it consolidates some of Monday's decline.

Stochastics and the RSI are turning bearish hinting that sideways to lower prices are possible near term.

If April extends Monday's decline, February's low crossing at 37.12 is the next downside target.

Closes above last week's high crossing at 45.30 are needed to confirm that a short term low has been posted.

First resistance is the overnight high crossing at 43.57.

Second resistance is last week's high crossing at 45.30.

First support is Tuesday's low crossing at 39.44.

Second support is February's low crossing at 37.12.



10:30 AM ET. Feb 27 US Energy Dept Oil Inventories

Crude Oil Stocks (previous 351.3M)

Crude Oil Stocks (Net Change) (expected +900K; previous +700K)

Gasoline Stocks (previous 215.3M)

Gasoline Stocks (Net Change) (expected -1M; previous -3.4M)

Distillate Stocks (previous 141.6M)

Distillate Stocks (Net Change) (expected -1.4M; previous +800K)

Refinery Usage (expected 81.5%; previous 81.4%)

Crude Closes Higher, Above The 10 Day Moving Average

April crude oil closed higher on Tuesday due to short covering as it consolidated some of Monday's decline and closed above the 10 day moving average crossing at $41.01.

The high range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above last week's high crossing at $45.30 are needed to signal that a larger degree rally into March is unfolding.

Closes below February's low crossing at $37.12 would renew this year's decline while opening the door for a possible test of psychological support crossing at $35.00 later this year.

First resistance is the 20 day moving average crossing at $42.26.

Second resistance is last Thursday's high crossing at $45.30.

First support is today's low crossing at $39.44.

Second support is February's support crossing at $37.12.

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