CRUDE OIL closed higher due to short covering on Monday as it consolidated some of this month's decline. The highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the 62% retracement level of the 20112012rally crossing is the next downside target.
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