Crude Oil closed lower on Wednesday as it extends yesterday's decline below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below last week's low crossing would confirm that a short-term top has been posted. If it renews the rally off May's low, the 62% retracement level of last month's decline crossing is the next upside target.
