US OIL closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off September's high, the 75% retracement level of the JuneSeptember rally crossing is the next downside target. Closes above last Friday's high crossing would confirm that a shortterm low has been posted.
Copyright HY Markets All rights reserved.Source: http://www.ibtimes.com/crude-oil-technical-outlook-1024-852832
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