Crude Oil closed higher on Wednesday and renewed the rally off May's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off May's low, the 50% retracement level of last month's decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Join the Discussion