Crude Oil closed lower on Wednesday as it extends last week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the 62% retracement level of the 2008-decline crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
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