Crude Oil Technical Daily Outlook 9/21

By Roger Baettig | September 21 2012 4:24 AM

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CRUDE OIL closed higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging and turning neutral to bearish signalling that a shortterm top might be in or is near. Multiple closes below the reaction low crossing would confirm that a top and trend change has been posted. If it extends the rally off June's low, the 75% retracement level of this year's decline crossing is the next upside target.

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