Crude futures are consolidating just above January 26 highs as investors await the market reaction to Treasury Geithner's speech. Now that we're past the March 15 OPEC meeting, crude will rely on U. S. equities and economic data for direction.

Furthermore, crude futures should exhibit a positive correlation with the EUR/USD and GBP/USD since the Dollar-based commodity becomes more a more desirable import globally as the Dollar weakens.

However, we must not forget crude oil inventories have risen three weeks in a row, and investors will not ignore this trend if it should continue.

As for today, if U. S. equities react positively to Geithner's plan to rid toxic assets from bank balance sheets, crude futures will follow suit since a positive reaction would deem a hope that the U. S. economy is turning around.

Crude futures remain comfortably above our near-term uptrend and downtrend lines. Therefore, crude is still in a positive trend with January highs hanging in the distance. It would take a major retraction in the futures to knock crude back into its near-term downtrend.

Fundamentally, we find supports of $52.09/bbl, $51.56/bbl, $50.98/bbl, and $50.45/bbl. The $50/bbl is a psychological cushion while $55/bbl serves a psychological barrier.

To the topside, we see resistances of $53.18/bbl, $53.77/bbl, $54.52/bbl, and $54.9/bbl. Crude futures are currently trading at $52.46/bbl.

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