February crude oil was higher overnight as it extends 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 the overnight high crossing at 50.04. Second resistance is the reaction high crossing at 52.95. First support is the 20 day moving average crossing at 44.02. Second support is the 10 day moving average crossing at 42.06.
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