Today’s low range close sets the stage for a steady to lower opening on Thursday.
If February extends this month’s rally, the reaction high crossing at $52.95 is the next upside target.
Closes above the reaction high crossing at $52.95 are needed to confirm that a short term low has been posted.
Closes below last Wednesday’s low crossing at $36.94 would temper the near term friendly outlook in the market.
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 $43.26.
Second support is the 10 day moving average crossing at $42.28.
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