Crude Oil - Daily technical Forecast

By IBTimes Staff Reporter | June 30 2010 3:40 AM

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Crude Oil closed lower on Tuesday and below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below last week's low crossing would confirm that a short-term top has been posted. If it renews the rally off May's low, the 62% retracement level of last month's decline crossing is the next upside target.

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