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Crude Oil Market Commentary For Trader Planet Traders - Thursday Morning
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 signaling that sideways to lower prices are possible near term.
If February extends this month's decline, December's low crossing at $35.13 is the next downside target.
Closes above the 10 day moving average crossing at $41.94 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 20 day moving average crossing at $41.18.
Second resistance is the 10 day moving average crossing at $41.94.
First support is Wednesday's low crossing at $35.52.
Second support is December's low crossing at $35.13.
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