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Trading Forecast Crude Oil

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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