CRUDE OIL closed higher due to short covering on Tuesday and the midrange close sets the stage for a steady opening when Wednesday'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 spring's decline, the 75% 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.
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