US OIL closed lower on Friday and the midrange close sets the stage for a steady opening when Monday's night session begins. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Multiple closes above Wednesday's high crossing would confirm that a low has been posted. If it renews the decline off September's high, the 62% retracement level of the JuneSeptember rally crossing is the next downside target.
Follow us on LinkedIn