Crude Oil Daily Outlook

   on May 02 2012 3:15 AM

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CRUDE OIL closed higher on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends today's rally, the reaction high crossing is the next upside target. If it renews the decline off March's high, the 38% retracement level of the OctoberMarch rally crossing is the next.

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