Crude Oil - Technical Forecast 10/2/2

By IBTimes Staff Reporter | February 01 2010 11:40 PM

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Crude Oil closed higher due to short covering on Monday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, the 75% retracement level of the September-January rally crossing is the next downside target.

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