US Oil closed sharply lower due to profit taking on Tuesday. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near term.
Closes below the reaction low crossing would confirm that a short term top has been posted. Closes above July's high crossing would renew this summer's rally while opening the door for a possible test of weekly resistance crossing later this summer.