February crude oil was steady to slightly lower overnight as it consolidates some of the rally off December’s low.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If February extends the rally, the reaction high crossing at $52.95 is the next upside target.
Closes below last Wednesday’s low crossing at $36.94 would temper the near term gains.
First resistance is Tuesday’s high crossing at $50.47. Second resistance is the reaction high crossing at $52.95.
First support is the 20 day moving average crossing at $44.05.
Second support is the 10 day moving average crossing at $42.77.
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