Crude Oil closed lower due to profit taking on Tuesday but remains above the 75% retracement level of the January-February decline crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
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