Markets

Trading Forecast Crude Oil

Crude Oil closed higher due to short covering on Monday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted.

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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