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Crude Oil Market Commentary For Trader Planet Traders - Thursday Evening
February crude oil closed lower on Thursday as it extends this week's decline and spiked to a new contract low.
A short covering rally tempered early losses and the mid range close sets the stage for a steady opening on Friday.
Closes below December's low crossing at $35.13 would open the door for a possible test of psychological support crossing at $30.00 later this winter.
Closes above the 10 day moving average crossing at $41.68 would confirm that a short term low has been posted.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
First resistance is the 20 day moving average crossing at $41.05.
Second resistance is the 10 day moving average crossing at $41.68.
First support is today's low crossing at $33.20.
Second support is psychological support crossing at $30.00.
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