February crude oil closed lower on Thursday and below the 10 day moving average crossing at $42.47 signaling that additional weakness is possible near term.
Closes below last Wednesday’s low crossing at $36.94 would temper the near term friendly outlook in the market.
Today’s mid range close sets the stage for a steady opening on Friday.
Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near term.
If February extends this month’s rally, the reaction high crossing at $52.95 is the next upside target.
First resistance is Tuesday’s high crossing at $50.47.
Second resistance is the reaction high crossing at $52.95.
First support is today’s low crossing at $41.68.
Second support is last Wednesday’s low crossing at $36.94.
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