Crude Oil Closes Lower, But Remains Above 20 Day Moving Average

April crude oil posted an inside day with a lower close on Friday as it consolidated some of this week's rally but remains above the 20 day moving average crossing at $42.66.

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 this week's rally, the reaction high crossing at $47.99 is the next upside target.

Closes below the 10 day moving average crossing at $40.87 would temper the near term friendly outlook in the market.

First resistance is Thursday's high crossing at $45.30.

Second resistance is the reaction high crossing at $47.99.

First support is today's low crossing at $42.25.

Second support is the 10 day moving average support crossing at $40.87.

Mexicos Oil Output Drops, Reliance Announces Plans On Purchase From Chevron

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Doubts are growing that Mexico can halt a four year decline in crude oil production after its January oil output slumped to a more than 13 year low, due to bureaucratic delays and technical challenges....Complete Story

Crude Oil Lower, Still Above 20 Day Moving Average

April crude oil was lower overnight due to profit taking as it consolidates some of this week's rally but remains above the 20 day moving average crossing at $42.63.

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

If April extends this week's rally, the reaction high crossing at $47.99 is the next upside target.

Closes below the 10 day moving average crossing at $40.81 are needed to confirm that a short term top has been posted.

First resistance is Thursday's high crossing at $45.30. Second resistance is the reaction high crossing at $47.99.

First support is the 20 day moving average crossing at $42.63.

Second support is the 10 day moving average crossing at $40.82.

Crude Oil Closes Higher, Stage Is Set For Higher Open On Friday

April crude oil closed higher due to short covering on Thursday and above the 20 day moving average crossing at $42.72 confirming that a short term low has been posted.

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

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

If April extends this week's rally, the reaction high crossing at $47.99 is the next upside target.

Closes below the 10 day moving average crossing at $40.58 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at $45.30.

Second resistance is the reaction high crossing at $47.99.

First support is today's low crossing at $42.27.

Second support is the 10 day moving average support crossing at $40.58.

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Crude Oil Continues To Signal Higher Prices Ahead

Crude oil was higher overnight as it extends Wednesday's rally and is trading above the 20 day moving average crossing at $42.63.

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

Closes above the 20 day moving average crossing at $42.63 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the overnight high crossing at $43.57.

Second resistance is the reaction high crossing at $47.99.

First support is the 10 day moving average crossing at $40.44.

Second support is last Thursday's low crossing at $37.12.

Who Are The Winners and Losers On Wall Street?

Winners

Parker Drilling 33.59%
Meridian Resource 20.00%
Energy Partners 15.15%
Input/Output 13.79%
Pioneer Drilling 12.73%

Losers

Edge Petroleum -20.00%
Parallel Petroleum -13.42%
Daugherty Resources -7.27%
Swift Energy -5.07%
Ritchie Bros. Auctioneers -4.29%

Change based on the last 2 days of trading

Crude Oil Close Above 10 Day Moving Average, Looks Like The Near Term Low Is In

April crude oil closed higher due to short covering on Wednesday and above the 10 day moving average crossing at $40.35 signaling that a short term low appears to have been posted.

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

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

Closes above the 20 day moving average crossing at $42.76 are needed to confirm that a short term low has been posted.

If April renews this month's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the 20 day moving average crossing at $42.76.

Second resistance is the reaction high crossing at $47.99.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

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"Oil Rises for Second Day After Report Shows Decline in Gasoline Supplies"
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"Gasoline Futures in New York Extend Gains as Report Shows Inventories Fell" Gasoline futures advanced after the Energy Department reported supplies fell the most in five months, refiners cut production and drivers bought more motor fuel...Complete story

Crude Oil Moves Back Above 20 Day Moving Average

April crude oil was higher overnight due to short covering as it consolidates some of Monday'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 $42.69 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is Monday's high crossing at $41.49.

Second resistance is the 20 day moving average crossing at $42.69.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.