Crude Oil - Daily technical Forecast

29 July 2010 @ 02:10 am EDT

Crude Oil closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would temper the near-term friendly outlook. If it renews the rally off this month's low, June's high crossing is the next upside target.

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