Is this the top for Crude Oil?

Crude oil closed lower on Wednesday as it consolidates some of the rally off the November 25th low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If January renews the rally off October's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target. Closes below the reaction low crossing at 94.99 are needed to confirm that a short term top has been posted.

First resistance is the 75% retracement level of the May-October decline crossing at 105.42. Second resistance is the 87% retracement level of the May-October decline crossing at 110.46. First support is the reaction low crossing at 94.99. Second support is the reaction low crossing at 89.05.


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