Crude Oil closed higher due to short covering on Wednesday as it consolidates above the 62% retracement level of the 2009-2011-rally crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this summer's decline, the 75% 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.
