Crude Oil Daily Outlook

By Roger Baettig | June 21 2012 4:05 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 are turning neutral to bullish signalling that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it renews this spring's decline, last October's low crossing is the next downside target.

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