717×225

CRUDE OIL closed higher due to short covering on Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday's night session begins. 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 extends this spring's decline, the 75% retracement level of the 20112012rally crossing is the next downside target.