Crude Oil Daily Outlook

By Roger Baettig | May 17 2012 3:12 AM

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CRUDE OIL closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off March's high, the 50% retracement level of the OctoberMarch rally crossing is the next downside target. Closes above the 20day moving average crossing would signal that a shortterm low has been posted.

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