US OIL closed higher due to short covering on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing would confirm that a low has been posted. If it renews the decline off September's high, the 50% retracement level of the JuneSeptember rally crossing is the next downside target.
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