Crude Oil Daily Outlook

CRUDE OIL closed lower on Friday and the lowrange close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the 87% retracement level of the 20112012rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.