Crude Oil closed lower on Thursday as it extends the trading range of the past three weeks. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this month's decline, the 38% retracement level of the 2009-2011-rally crossing is the next downside target.
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