US OIL closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Multiple closes above last Wednesday's high crossing would confirm that a low has been posted. If it renews the decline off September's high, the 62% retracement level of the JuneSeptember rally crossing is the next downside target.
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