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.
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