Oil Regains Footing

Larry Levin, technical analyst at Secrets of Traders in Chicago, says that crude oil has built a strong foundation near $60, and that crude oil will likely stay in the $60-$62.50 range this week. "If the stock market was to rally from this recent monster selloff, crude oil could move as high as $68," Levin says.

Energy stocks traded broadly higher in Tuesday's trading session. The iPath Goldman Sachs Crude Oil(OIL Quote) exchange-traded fund closed Tuesday up 1.2% at $36.95.

Electrical systems construction firm Emcore Group(EME Quote) was upgraded by Matrix Research from hold to buy. Its stock closed up 3.5% at $59.38.

Breitburn Energy(BBEP Quote) was downgraded by RBC Capital Markets from outperform to sector perform. The company's stock ended 1.2% lower at $27.32.