US OIL closed lower due to profit taking on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI have turned 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 62% retracement level of the JuneSeptember rally crossing is the next downside target.

Copyright HY Markets All rights reserved.