Markets

Trading Forecast Crude Oil

Crude Oil closed higher due to short covering on Tuesday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible near-term. If it extends the aforementioned decline, the 50% 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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