Crude Oil - Technical Outlook

By IBTimes Staff Reporter | February 08 2010 11:42 AM

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Crude Oil closed lower on Friday and tested the 87% retracement level of the September-January rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, September's low crossing is the next downside target.

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