Crude Oil Technical Analysis

By Roger Baettig | April 25 2012 3:15 AM

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CRUDE OIL closed higher on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bullish signalling that a low might be in or is near. Closes above last Tuesday's high crossing are needed to confirm that a shortterm low has been posted. If it renews the decline off March's high, the 38% retracement level of the OctoberMarch rally crossing is the next downside target.

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