Crude Oil closed higher due to short covering on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but are neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
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