Crude Oil - Daily technical Forecast

By IBTimes Staff Reporter | August 11 2010 1:18 AM

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Crude Oil closed lower on Tuesday and signalling that a short-term top has been posted. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI have turned bearish signalling that sideways to lower are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off May's low, the reaction high crossing is the next upside target.

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