CRUDE OIL closed higher due to short covering on Monday. The midrange close sets the stage for a steady opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish hinting that a shortterm top might be in or is near. If it renews last week's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.
