#USOIL closed higher due to short covering on Thursday as it - TopicsExpress

#USOIL closed higher due to short covering on Thursday as it consolidates some of this months decline. Thursdays high-range close sets the stage for a steady to higher opening when Fridays night session begins. Stochastics and the RSI remain neutral to bearish hinting that sideways to lower prices are possible near-term. If it extends this months decline, the 62% retracement level of the January-March-rally crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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